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ECHO MONITORING SOLUTIONS COUNTERPARTY RATINGS REPORT Updated as of October 24, 2012
S&P Moody's Fitch DBRS Counterparty LT Local Sr. Unsecured Sr. Unsecured Sr. Unsecured ABN AMRO Bank N.V. A+ A2 A+ Agfirst Farm Credit Bank AA- AIG Financial Products Corp A- WR Aig-fp Matched Funding A- Baa1 Allied Irish Banks PLC BB Ba3 BBB BBBL AMBAC Assurance Corporation NR WR NR American International Group Inc. (AIG) A- Baa1 BBB American National Bank and Trust Co. of Chicago (see JP Morgan Chase Bank) Assured Guaranty Ltd. (U.S.) A- Assured Guaranty Municipal Corp. AA- Aa3 *- NR Australia and New Zealand Banking Group Limited AA- Aa2 AA- AA Banco Bilbao Vizcaya Argentaria, S.A. BBB- Baa3 *- BBB+ A Banco de Chile A+ NR NR Banco Santander SA (Spain) BBB (P)Baa2 *- BBB+ A Banco Santander Chile A Aa3 *- A+ Bank of America Corporation A- Baa2 A A Bank of America, NA AA3AAH Bank of New York Mellon Trust Co NA/The AA- AA Bank of North Dakota/The AA- A1 Bank of Scotland PLC (London) A A2 A AAL Bank of the West/San Francisco CA A Bank Millennium SA BBpi Bank of Montreal A+ Aa2 AA- AA Bank of New York Mellon/The (U.S.) AA- Aa1 AA- AA Bank of Nova Scotia (Canada) AA- Aa1 AA- AA Bank of Tokyo-Mitsubish UFJ Ltd A+ Aa3 A- A Bank One( See JP Morgan Chase Bank) Bankers Trust Company (see Deutsche Bank AG) Banknorth, NA (See TD Bank NA) Barclays Bank PLC A+ A2 A AA BASF SE A+ A1 A+ Bayerische Hypo- und Vereinsbank AG (See UniCredit Bank AG) Bayerische Landesbank (parent) NR Baa1 A+ Bear Stearns Capital Markets Inc (See JP Morgan Chase Bank) NR NR NR Bear Stearns Companies, Inc. (See JP Morgan Chase Bank) NR NR NR Bear Stearns Bank PLC A2 Bear Stearns Financial Products, Inc (See JP Morgan Chase Bank) BMO Harris Bank NA A+ AAL BNP Paribas AA- A2 A+ WR Branch Banking & Trust A A1 AAL Caisse Centrale Desjardins du Quebec AA- Aa1 AA- AA California Bank & Trust/San Diego CA BBB California Federal Bank FSB Aa1 AA+ California State Teachers Retirement System AA- Canadian Imperial Bank of Commerce/Canada A+ Aa2 AA- AA Capital One NA BBB+ A- AL Capital One Bank USA NA BBB+ A3 A- AL Central 1 Credit Union A+ AH Capitalia Group (See UniCredit Spa) Charter One Bank NA NR WR A- NR CIFG Assurance North America Inc. NR WR NR CIMB Group Holdings Berhad BBB- Citibank, NA AA3 AH Citigroup Global Markets Holdings, Inc. A- Baa2 A A Citizens Bank, N.A. (See RBS Citizens, NA) NR NR NR Citizens Bank of Massachusetts (see RBS Citizens NA) Citizens Bank of Pennsylvania AA Citizens Financial Group Inc/Providence RI A CoBank ACB AA- Comerica Bank AA2AAH
Echo Financial Products | 630 Freedom Business Center, 3rd Floor | King of Prussia, Pennsylvania 19406 PH 610-768-7733 | FX 610-768-7734 | www.echo-fp.com 2
ECHO MONITORING SOLUTIONS COUNTERPARTY RATINGS REPORT Updated as of October 24, 2012
S&P Moody's Fitch DBRS Counterparty LT Local Sr. Unsecured Sr. Unsecured Sr. Unsecured CommerzBank AG AA3A+ Commonwealth Bank of Australia AA- Aa2 AA- AA Co-operative Bank PLC/United Kingdom A3 *- BBB+ *- Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands AA Aa2 AA AAA Compass Bank BBB- Baa2 *- BBB WR CorpBanca SA BBB+ *- NR WD Countrywide Financial Corp A- Baa2 A Credit Agricole Corporate and Investment Bank A A2 A+ Credit Industriel et Commercial A+ Aa3 A+ Credit Lyonnais SA AA2A+ Credit Suisse AG A+ A1 A AA Credit Suisse Group AG A(P)A2A AA Credit Suisse International A+ A1 A AA Credit Suisse USA Inc. A+ A1 A AA Danske Bank A/S A- Baa1 A AH Depfa Bank PLC BBB Baa3 BBB+ Deutsche Bank AG A+ A2 A+ Dexia Credit Local BBB *- Baa2 A+ AH *- Dexia Bank Belgium SA A- Baa1 A- AH DnB NOR Bank ASA A+ A1 AA DZ Bank AG Deutsche Zentral-Genossenschaftsbank AA- A1 A+ AAL Erste Group Bank AG AA3A Federal Home Loan Bank of Cincinnati AA+ Federal Home Loan Bank of Dallas AA+ Federal Home Loan Bank of Indianapolis AA+ Federal Home Loan Bank of Topeka AA+ Federal Home Loan Bank of Pittsburgh AA+ NR Federal Home Loan Bank of San Francisco AA+ Federal Home Loan Bank of Des Moines AA+ Federal Home Loan Bank of Atlanta AA+ Federal Home Loan Bank of Chicago AA+ Federal Home Loan Bank of Seattle AA Federal Home Loan Bank of New York AA+ Federal Home Loan Bank of Boston AA+ Federal National Mortgage Association NR Aaa AAA Fifth Third Bank BBB+ A3 A- A Financial Guaranty Insurance Co NR WR NR Financial Security Assurance Inc. (See Assured Guaranty Municipal Corp.) First Midwest Bank/Itasca IL BBB BBBH First National Bank of Omaha BBB- First Tennessee Bank NA BBB WR BBB *- Fleet National Bank/Providence RI NR WR NR ForeningsSparbanken AB (See Swedbank AB) Fortis Bank SA/NV AA- A2 A Goldman Sachs Group, Inc. A- A3 A AH Goldman Sachs Mitsui Marine Derivative Products, LP * AAA Aa2 Governor & Co of the Bank of Ireland/The (Dublin) (Bank of Ireland) BB+ Ba2 BBB BBBH Governor & Co of the Bank of Ireland/The (US) (Bank of Ireland) BB+ Ba2 BBB BBBH Harris, NA A+ WR HBOS PLC A- (P)A3 A AAL HSBC Bank plc AA- (P)Aa3 AA HSBC Bank USA, National Association AA- A1 AA AA *- HSH Nordbank AG NR Baa2 *- A- Hongkong & Shanghai Banking Corp Ltd/The AA- Aa2 Huntington Bancshares Inc/OH (U.S.) BBB (P)Baa1 BBB Huntington National Bank (See Huntington Bancshares inc/OH) HypoVereinsbank (See UniCredit Bank AG) IKB Deutsche Industriebank AG Aaa WD ING Bank N.V. A+ A2 A+ AAL ING Belgium SA/NV A+ A+
Echo Financial Products | 630 Freedom Business Center, 3rd Floor | King of Prussia, Pennsylvania 19406 PH 610-768-7733 | FX 610-768-7734 | www.echo-fp.com 3
ECHO MONITORING SOLUTIONS COUNTERPARTY RATINGS REPORT Updated as of October 24, 2012
S&P Moody's Fitch DBRS Counterparty LT Local Sr. Unsecured Sr. Unsecured Sr. Unsecured ING Groep NV AA3A Intesa Sanpaolo SpA BBB+ Baa2 A- Investec Bank plc BBB- Jefferies Group Inc. (U.S.) BBB Baa3 BBB JP Morgan Chase Bank, NA A+ Aa3 A+ AAL JP Morgan Chase & Co. AA2A+AH K&H Bank (See KBC Bank NV) Kaupthing Bank Hf WR NR KBC Bank NV A- WR A- AH KBC Groep NV BBB+ Baa1 A- A KeyBank, NA A- A3 A- AL Landesbank Baden-Württemberg NR A3 A+ Landesbank Hessen-Thueringen Girozentrale A A2 A+ LaSalle Bank NA (see Bank of America) Lehman Brothers Commercial Bank Lehman Brothers Holdings Inc. NR WR NR WR Lloyds Banking Group PLC (London) A- A3 A AH Lloyds Banking Group PLC (U.S.) A- A3 A AH Lloyds TSB Bank PLC (London) A A2 A AAL Macquarie Bank Ltd AA2A Manufacturers & Traders Trust Co. AA M&I Marshall & Ilsley Bank (U.S.) NR A1 AA- WR MBIA, Inc. B- B2 NR MBIA Insurance Corp B B3 *- NR Mediobanca SpA BBB+ Merrill Lynch & Company, Inc A- Baa2 A A Merrill Lynch Derivative Products, AG ** AAA Aa3 NR Mizuho Corporate Bank Ltd. A+ A1 A- A Mizuho Financial Group Inc. (U.S.) A Morgan Guaranty Trust Company of NY NR Aa3 A+ Morgan Stanley A- Baa1 A AH Morgan Stanley Capital Services, Inc (See Morgan Stanley) NR NR NR Morgan Stanley Derivative Products, Inc. AAAt National Australia Bank Ltd AA- Aa2 AA- AA National City (See PNC Bank, NA) Natixis AA2A+ Natixis Financial Products Inc. AA2 NIBC Bank NV BBB- Baa3 BBB NM Rothschild & Sons Ltd Nomura Holdings Inc BBB+ Baa3 BBB Nordea Bank Finland Plc AA- Aa3 AA- AA North Fork Bank (See Capital One NA) Northern Trust Company/The AA- Aa3 AA- AA Piraeus Bank SA CCC (P)Caa2 CC People's United Financial Inc. BBB+ AL Piper Jaffray Financial Products (see Morgan Stanley) Piper Jaffray Financial Products III (see Deutsche Bank) PNC Bank, NA A A2 A+ AAL Pohjola Bank plc AA- Aa3 A+ Rabobank Nederland AA Aa2 AA AAA Radian Guaranty Inc B- Ba3 NR Raiffeisenzentralbank-Österreich AG A A2 Raymond James Financial Inc. BBB Baa2 RBS Citizens NA AA-A Regions Bank/Birmingham AL BBB- Ba2 *+ BBB- BBBH Rockland Trust Company Royal Bank of Canada AA- Aa3 AA AA Royal Bank of Scotland Group PLC A- Baa1 A A Salomon Smith Barney Holdings, Inc. (see Citigroup Markets Holdings, Inc.) SEB AG A Baa1
Echo Financial Products | 630 Freedom Business Center, 3rd Floor | King of Prussia, Pennsylvania 19406 PH 610-768-7733 | FX 610-768-7734 | www.echo-fp.com 4
ECHO MONITORING SOLUTIONS COUNTERPARTY RATINGS REPORT Updated as of October 24, 2012
S&P Moody's Fitch DBRS Counterparty LT Local Sr. Unsecured Sr. Unsecured Sr. Unsecured Skandinaviska Enskilda Banken AB A+ A1 A+ AAL SMBC Capital Markets, Inc. Aa3 Societe Generale AA2A+WR Sovereign Bank BBB Santander UK PLC AAWR Santander Holdings USA Inc. BBB Baa2 *- BBB Standard Chartered Bank A+ A2 AA- A State Street Bank and Trust Co AA- (P)Aa2 AA State Street Corp (U.S.) A+ A1 A+ AAL Sumitomo Mitsui Banking Corp (Japan) A+ Aa3 A- A SunTrust Banks Inc. BBB Baa1 BBB+ AL Svenska Handelsbanken AB AA- Aa3 AA- AAL Swedbank AB A+ A2 A+ AH Syncora Guarantee Inc. NR Ca *+ NR TD Bank NA AA- AA- AAL UBS AG AA2AAH UBS Loan Finance, LLC (See UBS Securities LLC) Ulster Bank Ireland Ltd BBB+ Baa2 A- UniCredit Bank AG AA3A+ UniCredit Bank Austria AG AA3A UniCredit SpA BBB+ Baa2 A- US Bancorp A+ Aa3 *- AA- AA US Bank NA/Cincinnati AA- Aa2 *- AA- AAH Wachovia Bank, NA (Charlotte) NR Aa3 AA- NR Webster Bank NA (See Webster Financial Corp) Webster Financial Corp (U.S.) BBB- Baa1 BBB BBB Wells Fargo Bank, NA AA- Aa3 AA- AAH WestLB AG NR A2 AAA AH * Westpac Banking Corporation AA- Aa2 AA- AA WGZ-Bank AG Westdeutsche Genossenschafts-Zentralbank A1 XL Capital Assurance Inc. (See Syncora Guarantee Inc.) Zions First National Bank BBB BBB
Echo Financial Products | 630 Freedom Business Center, 3rd Floor | King of Prussia, Pennsylvania 19406 PH 610-768-7733 | FX 610-768-7734 | www.echo-fp.com 5
ECHO MONITORING SOLUTIONS COUNTERPARTY RATINGS REPORT Updated as of October 24, 2012
S&P Moody's Fitch DBRS Counterparty LT Local Sr. Unsecured Sr. Unsecured Sr. Unsecured Investment Grade AAA Aaa AAA AAA AA Aa AA AA AAAA BBB Baa BBB BBB Non-Investment Grade BB Ba BB BB BBBB CCC Caa CCC CCC CC Ca CC CC CCCC DCDD Subcategories + / - 1 / 2 / 3 + / - High (H) / Low (L)
Other *- = Denotes Negative Credit Watch / NR = No Rating / WR = Rating Withdrawn
Echo Financial Products | 630 Freedom Business Center, 3rd Floor | King of Prussia, Pennsylvania 19406 PH 610-768-7733 | FX 610-768-7734 | www.echo-fp.com