London, 29 June 2016 -- Moody's announced today that certain proposed amendments to the contractual agreements with respect to the covered bonds issued by Caixa Economica Montepio Geral (the "Issuer", deposits B3, adjusted baseline credit assessment caa1, counterparty risk assessment B1(cr)) would not, in and of themselves and as of this time, result in the downgrade or withdrawal of the Baa1 ratings on the above mentioned notes issued by the Issuer, which remain on review with direction uncertain. In fact, we believe the proposed changes, if implemented as proposed, will likely materially lessen default and refinancing risk and will thus be credit positive for these covered bonds.

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