Savings Banks Finance Group: Moody’s Confirms Corporate Family Rating of Aa2

26.04.2010 – Press Release No. 37/2010

The rating agency Moody’s has confirmed their corporate family rating for the Savings Banks Finance Group. With this rating, Moody’s has confirmed that all savings banks, Landesbanken and Landesbausparkassen have a strong credit standing and acknowledges in particular the market position of the Savings Banks Finance Group. “With the corporate family rating of Aa2, Moody’s confirms that the Savings Banks Finance Group is economically strong, although the market environment continues to be difficult”, said Heinrich Haasis, President of the Deutscher Sparkassen- und Giroverband (German Savings Banks Association), speaking today in Berlin.

Moody’s has given an Aa2 rating to the Savings Banks Finance Group. The corporate family rating was assigned to the Savings Banks Finance Group within the framework of the regular rating review. The corporate family rating is a marketable rating for the Savings Banks Finance Group. Each member institution continues to be free to request an individual rating which, however, should not be more than two notches below the corporate family rating. However, no upper limits have been defined for individual ratings, so each institution is free to obtain an even better rating for itself.

In addition, Moody’s has also assigned a Bank Financial Strength Rating (BFRS) of C+ to the Savings Banks Finance Group. The BFSR was used to rate the Group’s independent or intrinsic financial strength without any external support services. This rating underpins the strength of the Savings Banks Finance Group.

The main reasons for the very good rating are the Group’s strong market position, the solidarity and cooperation of the members within the Group, as well as the support given to the Landesbanken by their owners and supporting organisations. In addition, the rating also demonstrates the stability of the Savings Banks Finance Group against the background of the current market situation.