Berlin, Land of -- Moody's changes outlook on German sub-sovereigns to stable from negative; ratings affirmed

Frankfurt am Main, March 04, 2014 -- Moody's Investors Service has today changed to stable from negative the outlooks on the ratings of the Land of Baden-Wuerttemberg (Aaa), the Free State of Bavaria (Aaa), the Land of Berlin (Aa1), the Land of Brandenburg (Aa1), the Land of Nordrhein-Westfalen (Aa1/(P)P-1) and the Land of Saxony-Anhalt (Aa1/P-1). At the same time, Moody's has today changed to stable from negative the outlook on the ratings of Erste Abwicklungsanstalt (EAA, Aa1/P-1), a government related issuer (GRI). The ratings on all of the affected sub-sovereign entities have been affirmed.

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