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Moody's takes rating actions on SG's CEE and CIS subsidiaries

January 28, 2008 | Сbonds

London, 25 January 2008 -- Following its downgrade of the ratings of Societe
Generale (SG) to Aa2/B- from Aa1/B on 24 January 2008, Moody's Investors
Service has completed its assessment of the impact of the downgrade of SG's
BFSR to B- (negative outlook) on the ratings of its subsidiaries in Central
and Eastern Europe and the Commonwealth of Independent States.

Moody's noted that the debt and deposit ratings of SG's subsidiaries are, in
part, a function of the parental support that could be extended from the
parent to such subsidiaries. Depending on the assumed likelihood of support
from the parent for the subsidiary in question, a deterioration in the
parent's intrinsic financial strength may have a negative impact on the
ratings of the subsidiary. Moody's also noted that some of SG's subsidiaries
additionally benefit from an expectation of systemic support and hence their
ratings may not be significantly affected by the recent rating action on SG.

Moody's took the following rating actions on these subsidiaries:

Rosbank (Russia) -- The BFSR is affirmed at D with stable outlook; the
global long- and short-term local and foreign currency deposit ratings of
Ba2 and Not-Prime, as well as the National Scale Rating (NSR) of Aa2.ru
remain on review for possible upgrade following the recently announced
decision of SG to acquire a controlling stake in Rosbank. The Ba2 and
Not-Prime foreign currency debt ratings assigned to the debt issuance
programme of Rosbank Finance S.A. also remain on review for upgrade.

DeltaCredit Bank (Russia) -- The global long-term local currency deposit
rating is downgraded from A3 to Baa1, while global short-term rating is
affirmed at Prime-2. The BFSR is affirmed at D. The global long and
short-term foreign currency deposit ratings are affirmed at Baa2/Prime-2,
constrained by the foreign currency deposit ceiling for Russia. The outlook
on all of the bank's global scale ratings is stable.The NSR is affirmed at
Aaa.ru. The stable outlook on the local currency deposit ratings stems from
the view that, in the event that SG's BFSR were to be downgraded by one
notch to C+, these DeltaCredit ratings would not be affected.

Rusfinance Bank (Russia) -- The BFSR is affirmed at E+; the outlook on the
BFSR is stable. The global local currency deposit ratings are affirmed at
Baa2/Prime-2; the foreign currency deposit ratings are affirmed at
Baa2/Prime-2. The outlook on all of the bank's deposit ratings is stable.
The NSR is affirmed at Aaa.ru.

BRD - Groupe Societe Generale (Romania) -- The BFSR is affirmed at D+; the
outlook on the BFSR is stable. The global local currency deposit ratings are
affirmed at A2/Prime-1; the foreign currency deposit ratings are affirmed at
Baa3/Prime-3. The outlook on all of the bank's deposit ratings is stable.
The global local currency deposit ratings remain unchanged due to the very
high probability of systemic support imputed in these ratings.

SKB Banka d.d. (Slovenia) -- The BFSR is affirmed at D+; the outlook on the
BFSR is stable. The global local currency and foreign currency deposit
ratings are affirmed at A1/Prime-1. The outlook on all of the bank's deposit
ratings is stable. The global local currency deposit ratings have been
affirmed due to the very high probability of systemic support imputed in
these ratings.

Komercni banka (Czech Republic) -- The BFSR is affirmed at C; the outlook on
the BFSR is stable. The global local currency long-term and short-term
deposit ratings are affirmed at Aa3/Prime-1, stable outlook. The global
long-term and short-term foreign currency deposit ratings are affirmed at
A1/Prime-1 and remain constrained by the foreign currency deposit ceiling
for the Czech Republic. The outlook on the A1 long-term global foreign
currency deposit rating is positive, in line with the outlook on the
sovereign ceiling for the Czech Republic.

General Bank of Greece SA (Geniki) -- The foreign and local currency
long-term deposit ratings have been downgraded to A3 from Aa3. The BFSR is
affirmed at D+; the foreign and local currency short-term deposit ratings
are affirmed at Prime-1. All ratings now carry stable outlooks.

The downgrade of Geniki's long-term deposit ratings concludes the review for
possible downgrade initiated in May 2007 following the application of
Moody's joint default analysis (JDA) methodology and its updated bank
financial strength rating (BFSR) methodology. It reflects a reassessment of
the probability of parental support for this bank in line with Moody's
refined JDA methodology and the recent downgrade of SG's BFSR to B- from B.
Therefore, the bank's A3 deposit ratings are based on (i) Geniki's Ba1
Baseline Credit Assessment, (ii) a very high probability of parental support
from SG, and (iii) a moderate probability of systemic support, based on the
bank's importance within the domestic banking system.

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