Moody's: No negative rating impact on Credit Mutuel Arkea Public Sector SCF following annual update of the programme documentation

London, 19 December 2013 -- Moody's Investors Service has today announced that the amendments to the transaction documents of the Crédit Mutuel Arkéa Public Sector SCF Covered Bond 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 under the Programme. The main amendment widens the definition of receivables eligible to the cover pool so as to potentially include claims against public entities arising from successive performance contracts and leasing contracts, and not only loan agreements as originally contemplated by the documentation. The contractual eligibility criteria, as amended, come in addition to the criteria defined by French SCF law.

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