Moody's has also placed the Baa2 backed long-term debt ratings of BPF's subsidiary, Peugeot Finance International N.V. (PFI) under review for downgrade, as well as the P-2 backed commercial paper rating of SOFIRA SNC.

RATING RATIONALE

The review on the ratings of BPF and the aforementioned related entities follows the review for downgrade on the long-term ratings of BPF's parent, PSA Peugeot Citroën (PSA) (for further details, please refer to the press release, "Moody's places Peugeot's Ba1 ratings under review for downgrade," published on 13 July 2012).

Given the intricate strategic, commercial and financial ties to its parent, Moody's considers BPF's creditworthiness to be inherently linked to that of PSA, even though its financial performance has thus far displayed low correlation with that of the manufacturer. For this reason, BPF's long-term debt ratings are unlikely to exceed the long-term rating of PSA by more than two notches, as outlined in our prior research. Given the current Ba1 long-term rating on PSA and the Baa2 long-term rating on BPF, the review for downgrade on PSA has prompted Moody's to review for downgrade BPF's BFSR and long-term debt and deposit ratings. During the review, we will consider the impact on BPF of the potential weakening of its parent in the context of the current weak economic environment, the extent to which BPF is exposed to PSA, and thus whether this notching differential between the bank and the manufacturer remains appropriate.

WHAT COULD CHANGE THE RATING UP

Moody's believes there is little likelihood of any upward rating pressure on BPF, given the current review for downgrade on PSA. Even in the case of an upgrade of PSA's long-term ratings, BPF's narrow business focus and funding profile would nonetheless suggest a standalone rating in the Baa category.

WHAT COULD CHANGE THE RATING DOWN

A downgrade of PSA's long-term ratings would likely result in a downgrade of those of BPF, absent any factors which in Moody's view justify a long-term debt rating for BPF more than two notches higher than that of PSA. A downgrade could also be driven by a deterioration in other fundamentals, for example an increase in expected credit losses, or more difficult refinancing conditions, for example as a result of market disruption.

The methodology used in these ratings was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Andrea Usai Vice President - Senior Analyst Financial Institutions Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Carola Schuler MD - Banking Financial Institutions Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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