Western Europe General Ratings History

BELGIUM

Moody's S&P FitchIBCA Thomson Aa1 27-Mar-88 AA+ 07-Dec-92 AA- 16-Dec-98 AA+ 01-Jan-94              AA+ 10-Aug-94

DENMARK

Moody's S&P FitchIBCA Thomson Aaa 23-Aug-99 AA+ 08-Oct-91 AA+ 29-Sep-00 AA+ 01-Aug-94 Aa1 15-Aug-89 AA 16-Mar-87 AA+ 10-Aug-94              AA+ 06-Jan-83                   AAA 01-Mar-81

FINLAND

Moody's S&P FitchIBCA Thomson Aaa 04-May-98 AAA 01-Feb-02 AAA 05-Aug-98 AA+ 22-Jun-99 Aa1 18-Mar-98 AA+ 01-Sep-99 AA+ 29-Apr-97 AA+ 05-Jun-97 Aa1 15-Jan-97 AA 17-Dec-96 AA 12-Mar-96 AA-   Aa2 13-Jan-90 AA- 10-Mar-93 AA- 10-Aug-94     Aa1 22-Oct-90 AA+ 03-Mar-92         Aaa 27-Feb-86 AAA 01-Apr-72

GREECE

Moody's S&P FitchIBCA Thomson A2 14-Jul-99 A- 24-Nov-99 BBB+ 13-Mar-00 A- 18-Feb-00 Baa1 07-May-98 BBB 30-Nov-98 BBB+ 25-Oct-99 BBB+ 31-Jul-97 Baa1 20-Feb-98 BBB- 07-Dec-92 BBB 10-Aug-99 BBB 15-Jan-96 Baa1 23-Dec-96       BBB 4-Jun-97       Baa3 04-Nov-96        BBB- 13-Nov-95       Baa3 24-May-94

ICELAND

Moody's S&P FitchIBCA Thomson Aa3 30-Jul-97 A+ 15-Mar-96 AA- 03-Feb-00 Aaa 04-May-98 A1 16-Jun-97 A 07-Dec-92     Aa1 18-Mar-98 A1 24-Jun-96                Aa1 13-Feb-97 A2 10-Apr-96              Aa2 27-Jan-97 A2 24-May-89                 Aa2 31-Aug-94                        Aa3 24-Jun-94                      Aa3 15-Ju1-87

ITALY

Moody's S&P FitchIBCA Thomson Aa3 3-Jul-96 AA 03-Jan-93 AA- 23-Feb-95 AA- 04-May-95 A1 12-Jun-96 AA+ 07-Dec-92 AA 10-Aug-94 AA 01-Jan-94 A1 01-May-96                       A1 05-May-93                     Aa3 25-Feb-93                   Aa3 13-Aug-92                    Aa1 1-Jul-91                      Aaa 10-Oct-86

MALTA

Moody's S&P FitchIBCA Thomson A3 25-Mar-98 A 10-Mar-99 A 20-Jul-96        A2 22-Jan-98 A+ 06-May-96                A2 14-Mar-94 A 14-Mar-94

NORWAY

Moody's S&P FitchIBCA Thomson Aaa 30-Sep-97 AAA 09-Ju1-75 AAA 13-Mar-95 AAA 01-Jan-94 Aa1 13-Jul-87                      Aaa 15-Jul-86                        Aaa 15-Jul-83                      WR 15-Jan-83                     Aaa 12-Jan-78

PORTUGAL

Moody's S&P FitchIBCA Thomson Aa2 04-May-98 AA 15-Dec-98 AA 04-Jun-98 AA 26-Jul-99 Aa3 18-Mar-98 AA- 26-May-93 AA- 10-Aug-94 AA- 30-Jun-97 Aa3 10-Feb-97 A+ 07-Dec-92        A+ 01-Oct-94 A1 24-Jan-97                       A1 18-Nov-86

SPAIN

Moody's S&P FitchIBCA Thomson Aa2 09-Dec-92 AA+ 31-Mar-99 AA+ 01-Sep-99 AA+ 18-Jun-99 Aa2 02-Oct-92 AA 01-Aug-88 AA 08-Oct-94 AA 27-Jul-95 Aa2 03-Feb-88             AA+ 01-Jul-94

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