Rating is the market evaluation of credit risk (creditworthiness) of a debtor. Rating may be granted to:

• issue of debt securities: bonds or short-term debt securities,
• entities making commitments in the financial market.

Rating is made by independent specialist rating agencies. They analyse in details both the very entity, as well as its environment. They present their evaluation in the form of symbols based on a rating scale applied thereby. Rating is subject to continuous monitoring and may be changed.

Since ratings are reliable and objective, they are often taken into consideration by investors to make their investment decisions.

For many years, BRE Bank has been rated by Fitch and Moody’s, which are one of world rating agency leaders.

BRE Bank is also rated by Standard and Poor’s and Capital Intelligence based on public information.

Latest change: 2 September 2008

Long-term rating	Short-term rating	Individual rating	Support rating	Perspective for long-term rating
A-*	F2	C/D	1	RWN

* Since 2 September 2008 placed on Rating Watch Negative (RWN)

A-- the third rating at the investment scale, means high capacity to repay financial liabilities; F2 - the second top rating at the 6-score scale, reflects the capacity of timely debt repayment; C/D - the sixth rating at the 9-score scale; 1 - top rating at the 5-level scale, reflecting very high probability of Commerzbank’s support if necessary.

More information about the methodology and rating scale of Fitch
Historic ratings of BRE Bank issued by Fitch

Latest change: 2 September 2008

Rating of foreign exchange deposits		Rating of local currency deposits		Rating of BRE bank’s financial strength	Perspective for financial strength rating
LT	ST	LT	ST
A2*	P-1*	A2*	P-1*	D	positive

* Since 2 September 2008 placed on review for possible downgrade

LT - long-term; ST - short-term

A2 - 6th score at the 21-score scale; P-1 - top rating at 4-level scale; D - scale from A to E

More information about the methodology and rating scale of Moody’s
Historic ratings of BRE Bank issued by Moody's

LT Issuer Rating: BBBpi

More about the methodology and rating scale of Standard and Poor’s

LT issuer rating: BBB+
ST issuer rating: A2
Financial Strength: BBB
Support: 2
Perspective: stable

More about the methodology and rating scale of Capital Intelligence