Moodys Unsolicited Ratings

UNSOLICITED RATINGS LIST

APRIL 12, 2012

Below is a list of securities with unsolicited ratings, as defined by the European Regulation on Credit Rating Agencies (“Regulation”)i. For a fuller description of Moody’s EU policy regarding unsolicited ratings, please see MIS-EU Unsolicited Credit Ratings Policy.

Issuer Name Issuer Number Debt Number Debt Class

Agence Francaise de Developpement 130400 23087 Regular Bond/Debenture


Amen Bank 600037526 169328 Deposit Rating

Arab Tunisian Bank 600037525 169329 Deposit Rating

Baden-Wuerttemberg, Land of 774250 249256 Issuer Rating

Baden-Wuerttemberg, Land of 774250 820939757 Regular Bond/Debenture



Banca March S.A. 806810945 821634986 Medium-Term Note Program

Bank of Alexandria SAE 600022355 151237 Deposit Rating

Bank Polska Kasa Opieki S.A. 600039154 176624 Deposit Rating

Bank Zachodni WBK S.A. 600039157 295800 Deposit Rating

Banque de Tunisie 600019843 135817 Deposit Rating

Bavaria, Free State of 2142 251333 Issuer Rating

Bavaria, Free State of 2142 821422092 Regular Bond/Debenture

BRD - Groupe Societe Generale 600021657 146239 Deposit Rating

Caisse C'ale du Credit Immobilier de France 600010551 173167 Deposit Rating

Caisse C'ale du Credit Immobilier de France 600010551 173173 Issuer Rating

Caisse C'ale du Credit Immobilier de France 600010551 185834 Medium-Term Note Program

Caisse C'ale du Credit Immobilier de France 600010551 223716 Regular Bond/Debenture







Carrefour S.A. 91200 234327 Medium-Term Note Program

Credit du Maroc 600042134 188837 Deposit Rating

European Central Bank 600049467 234036 Issuer Rating

France, Government of 639500 264677 Issuer Rating

France, Government of 639500 26199 Regular Bond/Debenture

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Germany, Government of 333700 264676 Issuer Rating

Germany, Government of 333700 31981 Regular Bond/Debenture

















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Great Belt A/S 373200 117921 Medium-Term Note Program

Great Belt A/S 373200 247355 Regular Bond/Debenture



Guardian Royal Exchange plc 350710 198884 Regular Bond/Debenture

Habib Bank Ltd. 600020495 139110 Deposit Rating

Imerys S.A. 600055074 323791 Medium-Term Note Program

ING Bank Slaski S.A. 600017217 120148 Deposit Rating

Italy, Government of 423690 313964 Issuer Rating

Italy, Government of 423690 198752 Medium-Term Note Program

Italy, Government of 423690 28679 Regular Bond/Debenture


















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Italy, Government of 423690 90802 Shelf

Italy, Government of 423690 136607 Shelf

8 JANUARY 13, 2012



Kereskedelmi & Hitel Bank Rt. 600018780 129362 Deposit Rating

Kingfisher plc 594300 86028 Commercial Paper

Kingfisher plc 594300 86026 Medium-Term Note Program

Kingfisher plc 594300 238995 Medium-Term Note Program

Kingfisher plc 594300 806791658 Regular Bond/Debenture

Landesbank Saar 600022400 807849464 Regular Bond/Debenture








Luxembourg, Government of 455785 234048 Issuer Rating

Luxembourg, Government of 455785 821408677 Regular Bond/Debenture



Mauritius, Government of 600017176 212125 Issuer Rating

Mauritius, Government of 600017176 809511501 Regular Bond/Debenture






Mizrahi Tefahot Bank 600017651 122044 Deposit Rating

National Bank of Bahrain BSC 600018655 128185 Deposit Rating

National Bank of Pakistan 600020493 139105 Deposit Rating

National Commercial Bank 600017634 121976 Deposit Rating

Nomura Securities Co., Ltd. 600061467 78600 Commercial Paper

Nomura Securities Co., Ltd. 600061467 273297 Regular Bond/Debenture

Oesterreichische Postsparkasse AG 2561 123552 Regular Bond/Debenture



OSEO S.A. 130640 822644286 Deposit Program

OSEO S.A. 130640 822644254 Medium-Term Note Program

OSEO S.A. 130640 122914 Regular Bond/Debenture

OSEO S.A. 130640 822723014 Regular Bond/Debenture

Oslo, City of 576700 809223539 Regular Bond/Debenture

Oslo, City of 576700 809223553 Regular Bond/Debenture

Pohjola Insurance Ltd 600044120 197276 Insurance Financial Strength Rating

Raiffeisenlandesbank Oberoesterreich AG 600037112 809389382 Regular Bond/Debenture

Raiffeisenlandesbank Oberoesterreich AG 600037112 809389491 Regular Bond/Debenture

9 JANUARY 13, 2012



Riyad Bank 600017635 121977 Deposit Rating

SAS Denmark-Norway-Sweden 2642 9485 Regular Bond/Debenture

Saudi British Bank 600017637 121970 Deposit Rating

Scottish Life Fund 600021506 145351 Insurance Financial Strength Rating

Solvay S.A. 686286 821640018 Regular Bond/Debenture

Statoil ASA 718750 78193 Regular Bond/Debenture

Statoil ASA 718750 89428 Regular Bond/Debenture

Switzerland, Government of 731810 234057 Issuer Rating

Switzerland, Government of 731810 95676 Regular Bond/Debenture



























Telenor ASA 600018165 808358587 Bank Credit Facility

Telenor ASA 600018165 809068218 Bank Credit Facility

Turk Ekonomi Bankasi AS 600017622 121916 Deposit Rating

Unipol Assicurazioni S.p.a. 820508246 293905 Regular Bond/Debenture

United Bank Ltd. 600020496 139111 Deposit Rating

United Kingdom, Government of 788250 314057 Issuer Rating

United Kingdom, Government of 788250 9431 Regular Bond/Debenture

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Vienna, City of 2774 807360163 Issuer Rating

WGZ BANK AG Westdeutsche Genos.-Zentralb. 600012169 821965318 Regular Bond/Debenture








Amen Bank 600037526 169328 Deposit Rating

Arab Tunisian Bank 600037525 169329 Deposit Rating

Baden-Wuerttemberg, Land of 774250 249256 Issuer Rating

12 JANUARY 13, 2012






Banca March S.A. 806810945 821634986 Medium-Term Note Program

Bank of Alexandria SAE 600022355 151237 Deposit Rating

Bank Polska Kasa Opieki S.A. 600039154 176624 Deposit Rating

Bank Zachodni WBK S.A. 600039157 295800 Deposit Rating

Banque de Tunisie 600019843 135817 Deposit Rating

Bavaria, Free State of 2142 251333 Issuer Rating

Bavaria, Free State of 2142 821422092 Regular Bond/Debenture

BRD - Groupe Societe Generale 600021657 146239 Deposit Rating

Caisse C'ale du Credit Immobilier de France 600010551 173167 Deposit Rating

Caisse C'ale du Credit Immobilier de France 600010551 173173 Issuer Rating

Caisse C'ale du Credit Immobilier de France 600010551 185834 Medium-Term Note Program








Carrefour S.A. 91200 234327 Medium-Term Note Program

Credit du Maroc 600042134 188837 Deposit Rating

European Central Bank 600049467 234036 Issuer Rating

13 MARCH 12, 2012


i The concept of an “unsolicited credit rating” under the European Regulation on Credit Rating Agencies (“Regulation”) may be different than

definitions MIS EU previously used. Where an MIS EU credit rating agency issues a credit rating which it considers to be “unsolicited” within the meaning of the Regulation, it will clearly identify it as such. However, certain existing credit ratings that were not deemed to be unsolicited under previous definitions, but may now be deemed to be unsolicited under the Regulation, may not be identified as such.

Pub ID number: 129486

Copyright 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ARE MOODY'S SF JAPAN K.K.'S ("MSFJ") CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MSFJ DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MSFJ ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information.

The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MSFJ is a wholly-owned credit rating agency subsidiary of Moody’s Japan K. K.(“MJKK”). MJKK is wholly-owned by Moody's Group Japan G. K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of Moody’s Corporation(MCO). MSFJ is not a Nationally Recognized Statistical Rating Organization(“NRSRO”). Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MSFJ is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 3.

MSFJ hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MSFJ have, prior to assignment of any rating, agreed to pay to MSFJ for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MCO and MSFJ also maintain policies and procedures to address the independence of MSFJ's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MSFJ and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations - Corporate Governance - Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

This credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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