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Fitch Expects to Rate Goldman Sachs International Bank CD Programme 'A/F1'
February 21, 2014 / 8:17 PM / 4 years ago

Fitch Expects to Rate Goldman Sachs International Bank CD Programme 'A/F1'

(The following statement was released by the rating agency) NEW YORK, February 21 (Fitch) Fitch Ratings expects to assign ratings of 'A/F1' to Goldman Sachs International Bank's (GSIB) Certificate of Deposit (CD) Programme. KEY RATING DRIVERS The ratings primarily reflect Fitch's view that GSIB is a core subsidiary of The Goldman Sachs Group, Inc. (Goldman) and therefore Issuer Default Ratings (IDRs) of GSIB are equalized with Goldman's IDRs. The CDs represent unsecured obligations and are expected to rank pari passu with all unsecured obligations of GSIB. As such, the ratings of the CD programme are equalized with GSIB's IDRs. Fitch believes that 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 maintains prudent liquidity and capitalization which are augmented by the capacity to tap liquidity and additional capital from Goldman. KEY RATING SENSITIVITIES Given Fitch's view that GSIB is a core subsidiary of Goldman, IDRs of GSIB would change as a result of 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 and the CD programme could be negatively affected. Fitch expects to assign the following ratings Goldman Sachs International Bank --Long-term Certificate of Deposit Programme at 'A'; --Short-term Certificate of Deposit Programme at 'F1'. Contact: Primary Analyst Tara Kriss Senior Director +1-212-908-0369 Fitch Ratings, Inc. One State Street Plaza New York, NY 10001 Secondary Analyst Ilya Ivashkov, CFA Director +1-212-908-0769 Committee Chairperson Nathan Flanders Managing Director +1-212-908-0827 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: Additional information is available at ''. Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria' (January 31, 15, 2014); --'Rating FI Subsidiaries and Holding Companies' (Aug. 10, 2012). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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