TEXT-Fitch assigns Goldman Sachs International Bank 'A/F1' IDR

Tue Nov 20, 2012 5:40pm EST

Nov 20 - Fitch Ratings has assigned Issuer Default Ratings (IDRs) of
'A/F1'to Goldman Sachs International Bank (GSIB), a wholly-owned subsidiary of
The Goldman Sachs Group, Inc. (Goldman). The Rating Outlook for GSIB is
Stable, in line with Fitch's Rating Outlook of Goldman.

RATING RATIONALE
IDRs of GSIB are equalized with Goldman's IDRs reflecting Fitch's view that GSIB
is core to Goldman's business strategy and operations. Fitch believes Goldman
would fully support GSIB in the event of need.

GSIB is a key part of Goldman's international operations acting as a primary
European bond dealer; originating, trading and syndicating loans; conducting
securities borrowing/lending activities; and offering multi-currency deposits.
GSIB is a core part of Goldman's international expansion efforts.

Fitch believes there is a high level of management/operational integration
between GSIB and other core Goldman operations. GSIB maintains prudent liquidity
and capitalization which are augmented by the capacity to tap liquidity and
additional capital from Goldman.

RATING DRIVERS AND SENSITIVITIES
Given Fitch's view that GSIB is a core subsidiary of Goldman, IDRs of GSIB would
change in conjunction with any changes to Goldman's IDRs. In the event that
Fitch no longer considers GSIB as a core part of Goldman's operations, ratings
of GSIB could be negatively affected.

Goldman's IDRs were affirmed on Oct. 10, 2012 with a Stable Outlook as part of
Fitch's Global Trading and Universal Bank (GTUB) periodic review. IDRs continue
to be supported by Goldman's leading investment banking franchise, strong risk
management, solid liquidity position, and better-than-average capital position.
These factors are reflected in Goldman's Viability rating of 'a'. Goldman's IDRs
are further underpinned by the prospect of U.S. government support in the event
of need.

Goldman's IDRs have limited upward potential, given Goldman's business focus on
the capital markets. Goldman's IDRs could be negatively pressured if both its
financial profile deteriorates and Fitch's view of support changes. Please see
the press commentary 'Fitch Affirms Goldman Sachs' IDRs at 'A/F1'; Outlook
Stable' dated Oct. 10, 2012 available at www.fitchratings.com for additional
details.

Fitch assigns the following ratings with a Stable Outlook

Goldman Sachs International Bank
--Long-term IDR at 'A';
--Short-term IDR at 'F1'.


Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012);
--'Rating FI Subsidiaries and Holding Companies' (Aug. 10, 2012).

Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
Rating FI Subsidiaries and Holding Companies