All long-term ratings carry negative outlooks.

Moody's review of the bank's risk profile was prompted by the deteriorating macroeconomic environment in SG's main markets. The consequent downgrade of Societe Generale's rating to ‘C+’ reflects the reduction of the bank's operating efficiency, as well as the volatility of its reported net profitability in line with market fluctuations.

BRD's ratings are not impacted by the change in the parent bank's ratings. The global local currency deposit ratings remain at ‘A2/Prime-1’ and foreign currency deposit ratings at ‘Baa3/Prime-3’. All ratings carry a stable outlook.

The last time Moody’s reviewed BRD’s ratings was on May 11, 2007, when the financial strength rating was upgraded to ‘D’ from ‘D+’ following the implementation of a new evaluation methodology.