Moody's Determines No Negative Rating Impact Due to Updates to Programme Documents on Banques Populaires Covered Bonds' Covered Bond Programme

London, 24 December 2012 -- Moody's Investors Service has today announced that the changes and amendments to the transaction documents of the Banques Populaires Covered Bonds programme (the "Programme") in conjunction with the programme update, will not, in and of themselves and at this time, result in a reduction or withdrawal of the current Aaa ratings of the notes issued by the Issuer (the "Notes"). Moody's believes that the amendments do not have an adverse effect on the credit quality of the Notes such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non credit-related effects.

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