Moody's Lowers BCEE's Hybrid Securities' Program Rating

(Source: Info-Prod Research (Middle East))Moody's Investors Service downgraded its rating on Banque et Caisse d'Epargne du Luxembourg (BCEE) EMTN program allowing for the issuance of undated junior subordinated debt, in line with its revised Guidelines for RatingBank Hybrids and Subordinated Debt published in November 2009. Moody's downgraded BCEE's junior subordinated debt program's rating to A1 from Aa1. This concludes the review for possible downgrade that was initiated on November 18, 2009. BCEE's Bank FinancialStrength Rating (BFSR) and debt and deposit ratings remain unchanged at C+ (stable outlook) and Aaa (stable outlook) / Prime-1, respectively.