Credit Rating

The Housing Financing Fund (HFF) is rated by two international rating agencies, Moody´s Investors Service and Standard & Poor´s. Both agencies were asked to rate HFF in the midst of 2004, at the time when the first HFF bonds were issued.

Moody´s rates the Fund´s local currency only, while Standard & Poor´s rates both its local and foreign currencies.

MOODY´S INVESTORS SERVICE

Credit ratings by Moody´s Investors Service for the Housing Financing Fund (HFF).

Local currency
Affirmed	Longterm	Outlook
Apr.'10	Baa3	Stable
Apr.'10	Baa3	Negative
Nov.'09	Baa3	Stable
Dec.'08	Baa1	Negative
Oct.'08	Aa1	On review
May'08	Aa1	Stable
March´08	Aaa	Negative
June´04	Aaa	Stable

STANDARD & POOR'S

Credit ratings by Standard & Poor's for the Housing Financing Fund (HFF).

	Local currency		Foreign currency
Affirmed	Longterm	Outlook	Longterm	Outlook
November´11	BB/B	Stable	BBB-/A-3	Stable
May´11	BB	Negative	BBB-/A-3	Negative
April'11	BBB-/A-3	Negative/watch	BBB-/A-3	Negative/watch
June'10	BB+	Negative	BB+	Negative
Nov.'08	BBB	Negative	BBB-	Negative
Oct.'08	BBB	Negative	BBB	Negative
Sept.'08	A	Negative	A-	Negative
April'08	AA-	Negative	Aaa	Stable
Nov.'07	AA-	Negative	Aaa	Negative
July'06	AA-	Stable	Aaa	Stable

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