Standard & Poor's Applies Its Revised Bank

Criteria To 37 Of The Largest Rated Banks And

Certain Subsidiaries

Primary Credit Analysts:

Craig Parmelee, New York (1) 212-438-7850; [email protected]

Santiago Carniado, Mexico City (52) 55-5081-4413; [email protected]

Ritesh Maheshwari, Singapore (65) 6239-6308; [email protected]

Bernard de Longevialle, Paris (33) 1-4420-7334; [email protected]

David Harrison, London (44) 20-7176-7064; [email protected]

Jayan U Dhru, New York (1) 212-438-7276; [email protected]

Secondary Contacts:

Carmen Y Manoyan, New York (1) 212-438-6162; [email protected]

Ryan Tsang, Hong Kong (852) 2533-3532; [email protected]

Jesus Martinez, Madrid (34) 91-389-6941; [email protected]

Markus Schmaus, Frankfurt (49) 69-33-999-155; [email protected]

John Gibling, London (44) 20-7176-7209; [email protected]

Arturo Sanchez, Mexico City (52) 55-5081-4468; [email protected]

NEW YORK (Standard & Poor's) Nov. 29, 2011--Standard & Poor's Ratings Services

today said it reviewed its ratings on 37 of the largest financial institutions

in the world by applying its new ratings criteria for banks, which were

published on Nov. 9, 2011. See the Ratings List for the ratings on these

banks, their core and highly strategic subsidiaries, and other subsidiaries

that we took rating actions on as a result of applying our new criteria to

their parents. We will review all ratings that we placed on CreditWatch within

90 days. Ratings on CreditWatch are designated as Watch Neg or Watch Pos in

the list below.

We will publish individual research updates on the bank groups identified

below, including a list of ratings on affiliated entities, as well as the

ratings by debt type--senior, subordinated, junior subordinated, and preferred

stock. The research updates will be available at www.standardandpoors.com/AI4FI

and on RatingsDirect on the Global Credit Portal. Ratings on specific issues

will be available on RatingsDirect on the Global Credit Portal and

www.standardandpoors.com.

November 29, 2011

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917770 | 300000825

Standard & Poor's will be hosting two teleconferences to discuss the

application of the newly revised criteria and the related ratings actions. See

the teleconference information below the Ratings List.

RELATED CRITERIA AND RESEARCH

• Banks: Rating Methodology And Assumptions, Nov. 9, 2011

• Group Rating Methodology And Assumptions, Nov. 9, 2011

• Banking Industry Country Risk Assessment Methodology And Assumptions,

Nov. 9, 2011

• Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011

RATINGS LIST

The ratings listed below are issuer credit ratings.

To From

Banco Bilbao Vizcaya Argentaria S.A.

A+/Negative/A-1 AA-/Negative/A-1+

BBVA Bancomer S.A.

Global Scale Ratings BBB/Stable/A-3 BBB/Stable/A-3

National Scale Ratings mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

BBVA USA Bancshares Inc.

A/Negative/A-1 A/Stable/A-1

Banco Bradesco S.A.

Global Scale Ratings BBB/Stable/A-3 BBB/Stable/A-3

National Scale Ratings brAAA/Stable/brA-1 brAAA/Stable/brA-1

Bradesco Capitalizacao S.A.

National Scale Ratings brAAA/Stable/-- brAAA/Stable/--

Bradesco Seguros S.A.

National Scale Ratings brAAA/Stable/-- brAAA/Stable/--

Banco do Brasil S.A.

BBB/Stable/A-3 BBB/Stable/A-3

Ativos S.A. Securitizadora de Creditos Financeiros

National Scale Ratings brAAA/Stable/-- brAAA/Stable/--

Banco Santander S.A.

AA-/Negative/A-1+ AA-/Negative/A-1+

Banco Español de Credito S.A.

AA-/Negative/A-1+ AA-/Negative/A-1+

Banco Santander (Brasil) S.A.

Global Scale Ratings BBB/Stable/A-3 BBB-/Watch Pos/A-3

National Scale Ratings brAAA/Stable/brA-1 brAAA/Stable/brA-1

Banco Santander S.A. (Mexico)

Global Scale Ratings BBB/Stable/A-3 BBB/Stable/A-3

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

National Scale Ratings mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

Banco Santander Totta S.A.

BBB-/Negative/A-3 BBB-/Negative/A-3

Santander Consumer Finance S.A.

A+/Negative/A-1 AA-/Negative/A-1+

Santander Holdings U.S.A Inc.

A+/Negative/A-1 A/Stable/A-1

Sovereign Bank

A+/Negative/A-1 A/Stable/A-1

Santander UK PLC

AA-/Negative/A-1+ AA-/Negative/A-1+

Bank of America Corp.

A-/Negative/A-2 A/Negative/A-1

BANA Holding Corp.

A-/Negative/A-2 A/Negative/A-1

Banc of America Securities Ltd.

A/Negative/A-1 A+/Negative/A-1

Bank of America (California) N.A.

A/Negative/-- A+/Negative/--

Bank of America Mexico S.A.

mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

Bank of America N.A.

A/Negative/A-1 A+/Negative/A-1

Bank of America Rhode Island N.A.

A/Negative/A-1 A+/Negative/A-1

Countrywide Financial Corp.

A-/Negative/A-2 A/Negative/A-1

Countrywide Home Loans Inc.

A-/Negative/A-2 A/Negative/A-1

FIA Card Services N.A.

A/Negative/A-1 A+/Negative/A-1

Merrill Lynch & Co. Inc.

A-/Negative/A-2 A/Negative/A-1

Merrill Lynch & Co., Canada Ltd.

A-2 A-1

Merrill Lynch Bank & Trust Co. (Cayman) Ltd.

A-/Negative/A-2 A/Negative/A-1

Merrill Lynch International

A/Negative/A-1 A+/Negative/A-1

Merrill Lynch International (Australia) Ltd.

A-1 A-1

Merrill Lynch, Pierce, Fenner & Smith Inc.

A/Negative/A-1 A+/Negative/A-1

Merrill Lynch Mexico SA de CV Casa de Bolsa

mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

U.S. Trust Company N.A.

A/Negative/A-1 A+/Negative/A-1

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

Bank of China Ltd.

Global Scale Ratings A/Stable/A-1 A-/Stable/A-2

Greater China Scale Ratings cnAA+/--/cnA-1 cnAA/--/cnA-1

Bank of China (Hong Kong) Ltd.

Global Scale Ratings A+/Stable/A-1 A-/Positive/A-2

Greater China Scale Ratings cnAAA/--/cnA-1+ cnAA/--/cnA-1

Bank of China Group Insurance Co. Ltd.

Global Scale Ratings A-/Stable/-- A-/Stable/--

Greater China Scale Ratings cnAA/--/-- cnAA/--/--

Bank of New York Mellon Corp.

A+/Negative/A-1 AA-/Stable/A-1+

Bank of New York Mellon (The)

AA-/Negative/A-1+ AA/Stable/A-1+

Bank of New York Mellon S.A./N.V. (The)

AA-/Negative/A-1+ AA/Stable/A-1+

Bank of New York (Luxembourg) S.A., Italian Branch (The)

AA-/Negative/A-1+ AA/Stable/A-1+

Bank of New York Mellon (Ireland) Ltd. (The)

AA-/Negative/A-1+ AA/Stable/A-1+

Bank of New York Mellon (Luxembourg) S.A. (The)

AA-/Negative/A-1+ AA/Stable/A-1+

Bank of New York Mellon Trust Co. National Association (The)

AA-/Negative/A-1+ AA/Stable/A-1+

BNY Mellon N.A.

AA-/Negative/A-1+ AA/Stable/A-1+

BNY Mellon Trust of Delaware

AA-/Negative/A-1+ AA/Stable/A-1+

Mellon Funding Corp.

A+/Negative/A-1 AA-/Stable/A-1+

Barclays PLC

A/Stable/A-1 A+/Negative/A-1

Barclays Bank PLC

A+/Stable/A-1 AA-/Negative/A-1+

Barclays Bank S.A.

A/Stable/A-1 AA-/Negative/A-1+

Barclays Bank Ireland PLC

A-/Stable/A-2 A-/Stable/A-2

Barclays Capital Inc.

A+/Stable/A-1 AA-/Negative/A-1+

Barclays Private Clients International Ltd.

A+/Stable/A-1 AA-/Negative/A-1+

BNP Paribas

AA-/Stable/A-1+ AA-/Stable/A-1+

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

Banca Nazionale del Lavoro SpA

A/Negative/A-1 A+/Negative/A-1

BancWest Corp.

A/Negative/A-1 A+/Negative/A-1

Bank of the West

A/Negative/A-1 A+/Negative/A-1

First Hawaiian Bank

A/Negative/A-1 A+/Negative/A-1

BGL BNP Paribas S.A.

AA-/Stable/A-1+ AA-/Stable/A-1+

BNP Paribas Personal Finance

AA-/Stable/A-1+ AA-/Stable/A-1+

BNP Paribas Cardif

A+/Stable/-- A+/Stable/--

Cardif Assurance Vie

AA-/Stable/-- AA-/Stable/--

Cardif-Assurances Risques Divers

AA-/Stable/-- AA-/Stable/--

BNP Paribas (China) Ltd.

Global Scale Ratings A+/Stable/A-1 AA-/Stable/A-1+

Greater China Scale Ratings cnAAA/--/cnA-1+ cnAAA/--/cnA-1+

BNP Paribas Securities Corp.

AA-/Stable/A-1+ AA-/Stable/A-1+

BNP Paribas Securities Services

AA-/Stable/A-1+ AA-/Stable/A-1+

Fortis Bank S.A./N.V.

AA-/Stable/A-1+ AA-/Stable/A-1+

BPCE

A+/Stable/A-1 A+/Stable/A-1

BRED-Banque Populaire

A+/Stable/A-1 A+/Stable/A-1

Compagnie Europeenne de Garanties et Cautions

A+/Stable/-- A+/Stable/--

Credit Foncier de France

A/Stable/A-1 A/Stable/A-1

Locindus S.A.

A/Stable/A-1 A/Stable/A-1

Natixis S.A.

A+/Stable/A-1 A+/Stable/A-1

Natixis Australia Pty Ltd.

A+/Stable/A-1 A+/Stable/A-1

Natixis Financial Products LLC

A+/Stable/A-1 A+/Stable/A-1

China Construction Bank Corp.

Global Scale Ratings A/Stable/A-1 A-/Positive/A-2

Greater China Scale Ratings cnAA+/--/cnA-1 cnAA+/--/cnA-1

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

Citigroup Inc.

A-/Negative/A-2 A/Negative/A-1

Citibank N.A.

A/Negative/A-1 A+/Negative/A-1

Citibank N.A. (Canadian Branch)

A/Negative/A-1 A+/Negative/A-1

Citibank (South Dakota) N.A. Sioux Falls

A/Negative/A-1 A+/Negative/A-1

Citibank Europe PLC

A/Negative/A-1 A+/Negative/A-1

Citibank International PLC

A/Negative/A-1 A+/Negative/A-1

Citibank Japan Ltd.

A/Negative/A-1 A+/Negative/A-1

Citibank N.A. (Uruguay Branch)

BB+/Stable/B BB+/Stable/B

Citibank Korea Inc.

A-/Stable/A-2 BBB+/Stable/A-2

Citigroup Global Markets Holdings Inc.

A-/Negative/A-2 A/Negative/A-1

Citigroup Global Markets Inc.

A/Negative/A-1 A+/Negative/A-1

Citigroup Japan Holdings Corp.

A-/Negative/A-2 A/Negative/A-1

Citigroup Pty Ltd.

A-/Negative/A-2 A+/Negative/A-1

Banco Citibank S.A.

Global Scale Ratings BBB/Stable/A-3 BBB-/Watch Pos/A-3

National Scale Ratings brAAA/Stable/brA-1 brAAA/Stable/brA-1

Banco Nacional de Mexico S.A. (Banamex)

Global Scale Ratings BBB/Stable/A-3 BBB/Stable/A-3

National Scale Ratings mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

Commerzbank AG

A/Negative/A-1 A/Negative/A-1

Commerzbank International S.A.

A/Negative/A-1 A/Negative/A-1

Commerzbank Europe (Ireland)

A/Negative/A-1 A/Negative/A-1

Eurohypo AG

A-/Negative/A-2 A-/Negative/A-2

EUROHYPO Europaeische Hypothekenbank S.A.

A-/Negative/A-2 A-/Negative/A-2

Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)

AA/Stable/A-1+ AAA/Negative/A-1+

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

Rabobank Australia Ltd.

AA/Stable/A-1+ AAA/Negative/A-1+

Rabobank New Zealand Ltd.

AA/Stable/A-1+ AAA/Negative/A-1+

Rabobank USA Financial Corp.

--/--/A-1+ --/--/A-1+

Rabohypotheekbank N.V.

AA/Stable/-- AAA/Negative/--

Credit Agricole S.A.

A+/Stable/A-1 A+/Stable/A-1

Banque de Financement et de Tresorerie

A/Stable/A-1 A/Stable/A-1

CA Consumer Finance

A+/Stable/A-1 A+/Stable/A-1

CACEIS

A+/Stable/A-1 A+/Stable/A-1

Cassa di Risparmio di Parma e Piacenza SpA

A/Negative/A-1 A+/Negative/A-1

Credit Lyonnais

A+/Stable/A-1 A+/Stable/A-1

Credit Agricole CIB Australia Ltd.

A+/Stable/A-1 A+/Stable/A-1

Credit Agricole Corporate and Investment Bank

A+/Stable/A-1 A+/Stable/A-1

Caisse Regionale de Credit Agricole Mutuel Alpes Provence

Caisse Regionale de Credit Agricole Mutuel Alsace-Vosges

Caisse Regionale de Credit Agricole Mutuel Atlantique Vendee

Caisse Regionale de Credit Agricole Mutuel Brie Picardie

Caisse Regionale de Credit Agricole Mutuel Centre-Est

Caisse Regionale de Credit Agricole Mutuel Charente Perigord

Caisse Regionale de Credit Agricole Mutuel Nord de France

Caisse Regionale de Credit Agricole Mutuel Normandie

Caisse Regionale de Credit Agricole Mutuel Paris Ile-de-France

Caisse Regionale de Credit Agricole Mutuel Provence Cote d'Azur

Caisse Regionale de Credit Agricole Mutuel Pyrenees-Gascogne

Caisse Regionale de Credit Agricole Mutuel Sud Rhone-Alpes

Caisse Regionale de Credit Agricole Mutuel Sud-Mediterranee

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Caisse Regionale de Credit Agricole Mutuel d'Aquitaine

Caisse Regionale de Credit Agricole Mutuel d'Ille et Vilaine

Caisse Regionale de Credit Agricole Mutuel de Centre Loire

Caisse Regionale de Credit Agricole Mutuel de Centre-France

Caisse Regionale de Credit Agricole Mutuel de Champagne-Bourgogne

Caisse Regionale de Credit Agricole Mutuel de Charente-Maritime Deux Sevres

Caisse Regionale de Credit Agricole Mutuel de Franche-Comte

Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine

Caisse Regionale de Credit Agricole Mutuel de l'Anjou et du Maine

Caisse Regionale de Credit Agricole Mutuel de la Reunion

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

Caisse Regionale de Credit Agricole Mutuel de la Guadeloupe

Caisse Regionale de Credit Agricole Mutuel de la Touraine et du Poitou

Caisse Regionale de Credit Agricole Mutuel des Cotes D'Armor

Caisse Regionale de Credit Agricole Mutuel des Savoie

Caisse Regionale de Credit Agricole Mutuel du Centre Ouest

Caisse Regionale de Credit Agricole Mutuel du Finistere

Caisse Regionale de Credit Agricole Mutuel du Languedoc

Caisse Regionale de Credit Agricole Mutuel du Morbihan

Caisse Regionale de Credit Agricole Mutuel du Nord-Est

A+/Stable/A-1 A+/Stable/A-1

Credit Suisse AG

A+/Negative/A-1 A+/Stable/A-1

Banco Credit Suisse Mexico S.A.

mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

Casa de Bolsa Credit Suisse (Mexico) S. A. de C. V.

mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

Credit Suisse Group AG

A/Negative/A-1 A/Stable/A-1

Credit Suisse Holdings (USA) Inc.

A+/Negative/A-1 A+/Stable/A-1

Credit Suisse International

A+/Negative/A-1 A+/Stable/A-1

Credit Suisse Securities (USA) LLC

A+/Negative/A-1 A+/Stable/A-1

Credit Suisse (USA) Inc.

A+/Negative/A-1 A+/Stable/A-1

Deutsche Bank AG

A+/Negative/A-1 A+/Stable/A-1

BHW Bausparkasse AG Hameln

BBB/Stable/A-2 A-/Stable/A-2

Deutsche Bank AG (Canada Branch)

A+/Negative/A-1 A+/Stable/A-1

Deutsche Bank Luxembourg S.A.

A+/Negative/A-1 A+/Stable/A-1

Deutsche Bank Mexico S.A.

mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

Deutsche Bank National Trust Co.

A+/Negative/A-1 A/Stable/A-1

Deutsche Bank Securities Inc.

A+/Negative/A-1 A+/Stable/A-1

Deutsche Bank Trust Corp.

A+/Negative/A-1 A/Stable/A-1

Deutsche Bank Trust Co. Americas

A+/Negative/A-1 A/Stable/A-1

Deutsche Bank Trust Co. Delaware

A+/Negative/A-1 A/Stable/A-1

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

Deutsche Postbank AG

A/Negative/A-1 A/Stable/A-1

Deutsche Securities Inc. (Japan)

A+/Negative/A-1 A+/Stable/A-1

Deutsche Securities, S.A. de C.V., Casa de Bolsa

National Scale Ratings mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

Dexia SA

Not rated Not rated

Dexia Credit Local

BBB+/Watch Neg/A-2 A-/Watch Neg/A-2

Goldman Sachs Group Inc. (The)

A-/Negative/A-2 A/Negative/A-1

Goldman Sachs & Co.

A/Negative/A-1 A+/Negative/A-1

Goldman Sachs Execution & Clearing L.P.

A-/Negative A/Negative

Goldman Sachs International

A/Negative/A-1 A+/Negative/A-1

Goldman Sachs Japan Co. Ltd.

A-2 A-1

Goldman Sachs Mitsui Marine Derivative Products L.P.

AAA/Negative/-- AAA/Negative/--

William Street Commitment Corp.

A-/Negative/A-2 A/Negative/A-1

HSBC Holdings PLC

A+/Stable/A-1 AA-/Stable/A-1+

Hang Seng Bank Ltd.

Global Scale Ratings AA-/Stable/A-1+ AA/Stable/A-1+

Greater China Scale Ratings cnAAA/--/cnA-1+ cnAAA/--/cnA-1+

Hang Seng Bank (China) Ltd.

Global Scale Ratings AA-/Stable/A-1+ AA-/Stable/A-1+

Greater China Scale Ratings cnAAA/--/cnA-1+ cnAAA/--/cnA-1+

Hang Seng General Insurance (Hong Kong) Co. Ltd.

Global Scale Ratings AA-/Watch Neg/-- AA/Watch Neg/--

Greater China Scale Ratings cnAAA/Watch Neg/-- cnAAA/Watch Neg/--

Hang Seng Insurance Co. Ltd.

Global Scale Ratings AA-/Stable/-- AA/Stable/--

Greater China Scale Ratings cnAAA/--/-- cnAAA/--/--

HSBC Bank PLC

AA-/Stable/A-1+ AA/Stable/A-1+

HSBC Bank Australia Ltd.

AA-/Watch Neg/A-1+ AA/Stable/A-1+

HSBC Bank Bermuda Ltd.

A+/Stable/A-1 AA-/Negative/A-1+

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

HSBC Bank Canada

AA-/Stable/A-1+ AA/Stable/A-1+

HSBC Bank (Taiwan) Ltd.

Global Scale Ratings A+/Stable/A-1 A+/Stable/A-1

Greater China Scale Ratings cnAAA/--/cnA-1+ cnAAA/--/cnA-1+

HSBC Finance Corp.

A/Negative/A-1 A/Negative/A-1

HSBC France

AA-/Stable/A-1+ AA/Stable/A-1+

HSBC Holdings Luxembourg S.A.

A+/Stable/A-1 AA/Stable/A-1+

HSBC Insurance (Asia) Ltd.

Global Scale Ratings AA-/Watch Neg/-- AA/Watch Neg/--

Greater China Scale Ratings cnAAA/Watch Neg/-- cnAAA/Watch Neg/--

HSBC Insurance (Bermuda) Ltd.

AA-/Stable/-- AA/Stable/--

HSBC Insurance (Singapore) Pte. Ltd.

A+/Watch Neg/-- A+/Watch Neg/--

HSBC Life (International) Ltd.

Global Scale Ratings AA-/Stable/-- AA/Stable/--

Greater China Scale Ratings cnAAA/--/-- cnAAA/--/--

HSBC Private Bank (C.I.) Ltd.

AA-/Stable/A-1+ AA/Stable/A-1+

HSBC Private Bank (Monaco) S.A.

AA-/Stable/A-1+ AA/Stable/A-1+

HSBC Private Bank (Suisse) S.A.

AA-/Stable/A-1+ AA/Stable/A-1+

HSBC Private Banking Holdings (Suisse) S.A.

A+/Stable/A-1 AA/Stable/A-1+

HSBC Securities (USA) Inc.

AA-/Stable/A-1+ AA/Stable/A-1+

HSBC USA Inc.

A+/Stable/A-1 AA-/Stable/A-1+

HSBC Bank USA N.A.

AA-/Stable/A-1+ AA/Stable/A-1+

Hongkong and Shanghai Banking Corp. Ltd. (The)

Global Scale Ratings AA-/Stable/A-1+ AA/Stable/A-1+

Greater China Scale Ratings cnAAA/--/cnA-1+ cnAAA/--/cnA-1+

Industrial and Commercial Bank of China Ltd.

Global Scale Ratings A/Stable/A-1 A/Stable/A-1

Greater China Scale Ratings cnAA+/--/cnA-1 cnAA+/--/cnA-1

ING Groep N.V.

A/Stable/A-1 A/Stable/A-1

ING Bank (Australia) Ltd.

A/Stable/A-1 A+/Stable/A-1

ING Bank N.V.

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

A+/Stable/A-1 A+/Stable/A-1

ING Belgium S.A./N.V.

A+/Stable/A-1 A+/Stable/A-1

Intesa Sanpaolo SpA

A/Negative/A-1 A/Negative/A-1

Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)

A/Negative/A-1 A/Negative/A-1

Banca IMI SpA

A/Negative/A-1 A/Negative/A-1

Itau Unibanco Holding S.A.

Global Scale Ratings BBB/Stable/A-3 BBB/Stable/A-3

National Scale Ratings brAAA/Stable/brA-1 brAAA/Stable/brA-1

Banco Itau BBA S.A.

Global Scale Ratings BBB/Stable/A-3 BBB/Stable/A-3

National Scale Ratings brAAA/Stable/brA-1 brAAA/Stable/brA-1

JPMorgan Chase & Co.

A/Stable/A-1 A+/Stable/A-1

Banco JPMorgan S.A.

mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

Bear Stearns Cos. LLC

A/Stable/A-1 A+/Stable/A-1

Chase Bank U.S. N.A.

A+/Stable/A-1 AA-/Stable/A-1+

JPMorgan Australia Ltd.

A+/Stable/A-1 AA-/Stable/A-1+

JPMorgan Chase Bank N.A.

A+/Stable/A-1 AA-/Stable/A-1+

JPMorgan Securities LLC

A+/Stable/A-1 AA-/Stable/A-1+

JPMorgan Securities Ltd.

A+/Stable/A-1 AA-/Stable/A-1+

JPMorgan Securities Japan Co. Ltd.

A+/Stable/A-1 AA-/Stable/A-1+

JP Morgan Casa de Bolsa S.A de C.V.

mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+

J.P. Morgan Clearing Corp.

A+/Stable/A-1 AA-/Stable/A-1+

Lloyds Banking Group PLC

A-/Stable/A-2 A/Stable/A-1

Bank of Scotland PLC

A/Stable/A-1 A+/Stable/A-1

Clerical Medical Investment Group Ltd.

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

A/Stable/-- A+/Stable/--

HBOS PLC

A-/Stable/A-2 A/Stable/A-1

Lloyds TSB Bank PLC

A/Stable/A-1 A+/Stable/A-1

Scottish Widows PLC

A/Stable/-- A+/Stable/--

Mitsubishi UFJ Financial Group Inc.

A/Stable/-- A/Stable/--

ACOM Co. Ltd.

BB+/Negative/B BB+/Negative/B

Bank of Tokyo-Mitsubishi UFJ Ltd.

A+/Stable/A-1 A+/Stable/A-1

Bank of Tokyo-Mitsubishi UFJ (China) Ltd.

Global Scale Ratings A+/Stable/A-1 A+/Stable/A-1

Greater China Scale Ratings cnAAA/--/cnA-1+ cnAAA/--/cnA-1+

BOT Lease Co. Ltd.

BBB+/Stable/A-2 BBB+/Stable/A-2

Master Trust Bank of Japan Ltd.

A+/Stable/A-1 A+/Stable/A-1

Mitsubishi UFJ Trust and Banking Corp.

A+/Stable/A-1 A+/Stable/A-1

UnionBanCal Corp.

A/Stable/A-1 A/Stable/A-1

Union Bank N.A.

A+/Stable/A-1 A+/Stable/A-1

Mizuho Financial Group Inc.

A/Negative/-- A/Stable/--

Mizuho Bank Ltd.

A+/Negative/A-1 A+/Stable/A-1

Mizuho Corporate Bank Ltd.

A+/Negative/A-1 A+/Stable/A-1

Mizuho Corporate Bank (China) Ltd.

A+/Negative/A-1 A+/Stable/A-1

Mizuho Trust & Banking Co. Ltd.

A+/Negative/A-1 A+/Stable/A-1

Trust & Custody Services Bank Ltd.

A+/Negative/A-1 A+/Stable/A-1

Morgan Stanley

A-/Negative/A-2 A/Negative/A-1

Morgan Stanley & Co. LLC

A/Negative/A-1 A+/Negative/A-1

Morgan Stanley & Co. International PLC

A/Negative/A-1 A+/Negative/A-1

Standard & Poors | RatingsDirect on the Global Credit Portal | November 29, 2011 12

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

Morgan Stanley Bank International Ltd.

A/Negative/A-1 A+/Negative/A-1

Morgan Stanley Bank N.A.

A/Negative/A-1 A+/Negative/A-1

Nordea Bank AB

Global Scale Ratings AA-/Stable/A-1+ AA-/Stable/A-1+

National Scale Short-Term Rtg K-1 K-1

Nordea Bank Danmark A/S

AA-/Stable/A-1+ AA-/Stable/A-1+

Nordea Bank Finland PLC

AA-/Stable/A-1+ AA-/Stable/A-1+

Nordea Bank Norge ASA

AA-/Stable/A-1+ AA-/Stable/A-1+

Nordea Hypotek AB

--/--/A-1+ -/--/A-1+

Royal Bank of Scotland Group PLC (The)

A-/Stable/A-2 A/Stable/A-1

Citizens Bank of Pennsylvania

A/Stable/A-1 A-/Stable/A-2

National Westminster Bank PLC

A/Stable/A-1 A+/Stable/A-1

RBS Citizens NA

A/Stable/A-1 A-/Stable/A-2

RBS Securities Inc.

A/Stable/A-1 A+/Stable/A-1

Royal Bank of Scotland N.V. (The)

A/Stable/A-1 A+/Stable/A-1

Royal Bank of Scotland PLC (The)

A/Stable/A-1 A+/Stable/A-1

Royal Bank of Scotland PLC (Connecticut Branch) (The)

A/Stable/A-1 A+/Stable/A-1

Ulster Bank Ltd.

BBB+/Stable/A-2 BBB+/Negative/A-2

Ulster Bank Ireland Ltd.

BBB+/Stable/A-2 BBB+/Negative/A-2

Societe Generale

A+/Stable/A-1 A+/Stable/A-1

Banque Kolb S.A.

A+/Stable/A-1 A+/Stable/A-1

Banque Rhone Alpes S.A.

A+/Stable/A-1 A+/Stable/A-1

Banque Tarneaud S.A.

A+/Stable/A-1 A+/Stable/A-1

Credit du Nord S.A.

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

A+/Stable/A-1 A+/Stable/A-1

Franfinance

A+/Stable/A-1 A+/Stable/A-1

Komercni Banka A.S.

A+/Stable/A-1 A+/Stable/A-1

SG Americas Securities LLC

A+/Stable/A-1 A+/Stable/A-1

Societe Generale Bank & Trust

A+/Stable/A-1 A+/Stable/A-1

State Street Corp.

A+/Negative/A-1 A+/Stable/A-1

State Street Bank and Trust Co., Boston, MA

AA-/Negative/A-1+ AA-/Stable/A-1+

Sumitomo Mitsui Financial Group Inc.

A/Negative/A-1 A/Stable/A-1

Promise Co. Ltd.

BB/Watch Pos/B BB/Watch Pos/B

SMBC Nikko Securities Inc.

A+/Negative/A-1 A+/Stable/A-1

Sumitomo Mitsui Banking Corp.

A+/Negative/A-1 A+/Stable/A-1

Sumitomo Mitsui Banking Corp. (China) Ltd.

Global Scale Ratings A+/Negative/A-1 A+/Stable/A-1

Greater China Scale Ratings cnAAA/--/cnA-1+ cnAAA/--/cnA-1+

Sumitomo Mitsui Banking Corp. Europe Ltd.

A+/Negative/A-1 A+/Stable/A-1

UBS AG

A/Negative/A-1 A+/Watch Neg/A-1

UBS AG (Jersey Branch)

A/Negative/A-1 A+/Watch Neg/A-1

UBS AG (NY Branch)

A/Negative/-- A+/Watch Neg/--

UBS Bank (Canada)

A/Negative/A-1 A+/Watch Neg/A-1

UBS Bank USA

--/Watch Neg/A-1 --/Watch Neg/A-1

UBS Loan Finance LLC

A/Negative/A-1 A+/Watch Neg/A-1

UBS Ltd.

A/Negative/A-1 A+/Watch Neg/A-1

UBS Securities LLC

A/Negative/A-1 A+/Watch Neg/A-1

Standard & Poors | RatingsDirect on the Global Credit Portal | November 29, 2011 14

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Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

UniCredit SpA

A/Negative/A-1 A/Negative/A-1

Bank Polska Kasa Opieki S.A.

A-/Stable/A-2 A-/Stable/A-2

UniCredit Bank AG

A/Negative/A-1 A/Negative/A-1

UniCredit Bank Austria AG

A/Negative/A-1 A/Negative/A-1

UniCredit Leasing SpA

A/Negative/A-1 A/Negative/A-1

Wells Fargo & Co.

A+/Negative/A-1 AA-/Negative/A-1+

Wells Fargo Bank International

AA-/Negative/A-1+ AA/Negative/A-1+

Wells Fargo Bank N.A.

AA-/Negative/A-1+ AA/Negative/A-1+

Wells Fargo Bank Northwest NA

AA-/Negative/A-1+ AA/Negative/A-1+

Wells Fargo Securities LLC

AA-/Negative/A-1+ AA/Negative/A-1+

Wells Fargo South Central N.A.

AA-/Negative/A-1+ AA/Negative/A-1+

WFC Holdings Corp.

A+/Negative/A-1 AA-/Negative/A-1+

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world's foremost provider of credit ratings. With offices in 23 countries,

www.standardandpoors.com/ratingsdirect 15

917770 | 300000825

Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

Standard & Poor's is an important part of the world's financial infrastructure

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Standard & Poors | RatingsDirect on the Global Credit Portal | November 29, 2011 16

917770 | 300000825

Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries

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