KEY RATING DRIVERS The notes are CRD IV compliant perpetual

Fitch Rates Caixa Geral’s AT1 Notes ‘B

The assignment of the final buy canada goose jacket rating is contingent upon final documents conforming to the information already received. KEY RATING DRIVERS The notes are CRD IV compliant perpetual, deeply subordinated, fixed rate reset AT1 debt securities. The notes have fully discretionary interest payments and are subject to partial write down if the consolidated or unconsolidated common canada goose clearance equity Tier 1 (CET1) ratio of CGD falls below 5.125%. The rating assigned to canada goose deals the securities is three notches below CGD’s ‘bb ‘ Viability Rating (VR), in accordance with Fitch’s criteria for assigning ratings to hybrid instruments. The notching reflects higher expected loss severity relative to senior unsecured creditors and higher non performance risk. Non performance risk reflects the full discretionary coupon payment. CGD has estimated its distributable reserves at EUR1.9 billion after the share capital reduction of 4 January 2017. Fitch expects the non payment of interest on this instrument will occur before Canada Goose Coats On Sale it breaches the notes’ 5.125% canada goose coats CET1 trigger level, when CGD’s capital ratio approaches its Supervisory Review and Evaluation Process requirement set at 8.25% for 2017. CGD’s pro forma (including the expected EUR2.5 billion capital increase to be completed by end March) phase in CET1 ratio was 12% on a consolidated and 13.7% on an unconsolidated basis, which provide it with a buffer from the equity conversion Canada Goose sale trigger level. The principal write down can be reinstated and written up at full discretion of the issuer if a positive net income (unconsolidated or consolidated) is recorded. RATING SENSITIVITIES The AT1 notes’ expected rating is primarily sensitive to changes in CGD’s VR. The rating is also sensitive to changes in their notching from CGD’s VR, which canada goose clearance topparka sale could arise if Fitch changes its assessment of the probability of their non performance relative to the risk captured in the VR. This may reflect a change in capital management in the group or an unexpected shift in regulatory buffer requirements, for example. Under Fitch’s criteria, a one notch upgrade of the AT1 instrument would be conditional upon a two notch upgrade of CGD’s VR. Av. 25 Nov 2016) here Additional Disclosures Dodd Frank Rating Information Disclosure Form here _id=1020677 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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