BayernLB ratings

Fitch Ratings Moody's
Grandfathered liabilities* AAA Aaa
Public Pfandbriefs - Aaa
Mortgage Pfandbriefs - Aaa
Issuer Rating A- (stable) Aa3 (positive)
Long term, preferred senior unsecured A Aa3 (positive)
Long term, non preferred senior unsecured A- A2
Short-term, unsecured F1 P-1
Long-term, Derivative Counterparty / Counterparty Risk Assessment (CRA) A (dcr) Aa3 (cr)
Long-term, Counterparty Risk Rating (CRR) - Aa3
Short-term, Counterparty Risk Assessment (CRA) / Counterparty Risk Rating (CRR) - P-1 (cr) / P-1
Long-term, Deposits A Aa3 (positive)
Short-term, Deposits F1 P-1
Subordinated bonds BBB- Baa2
Viability Rating/ BCA bbb+ baa2

* For liabilities incurred before 18 July 2001, guarantee obligation continues until maturity

Ratings for the Free State of Bavaria
Standard & Poor's Moody's
Long-term rating AAA Aaa