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

Madrid, August 28, 2015 -- Moody's has today announced that the amendments to the transaction documents of the Arkéa Public Sector SCF Covered Bond Programme (the "Programme") in conjunction with the programme prospectus 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 amendments are the modification of the current Hedging Strategy as a result of the removal of all swap arrangements and the possibility to issue covered bonds with soft-bullet maturities (currently, all outstanding notes have hard-bullet maturities).

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