Fitch Rates Goldman Sachs FDIC TLGP-Guaranteed Issuance 'AAA/F1+'

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has assigned 'AAA/F1+' ratings to the senior debt issued by Goldman Sachs Group Inc. (Goldman Sachs) under the revised FDIC Temporary Liquidity Guarantee Program (TLGP). An estimated $35 billion of Goldman Sachs' debt is eligible for issuance under the guarantee. Senior debt issued under the TLGP that matures before June 30, 2012 will receive the AAA/F1+ rating. Senior debt not under TLGP or maturing after June 30, 2012 will be assigned ratings consistent with Issuer Default Ratings (IDRs). Goldman Sachs' long-term IDR is currently rated 'AA-' by Fitch.

The TLGP represents one of the key programs put forth by the US government to help restore stability to credit markets and funding for the domestic banking industry. The final rule approved Nov. 21, 2008 reflects key enhancements and revisions made to the program. These debt obligations carry the full faith and credit of the US government. The guarantee is expected to provide an effective mechanism to provide timely and full repayment in the event of non-payment on the part of the original issuing entity.

Fitch has assigned the following ratings to FDIC's TLGP debt issued by Goldman Sachs:

--Long-term FDIC guaranteed debt 'AAA';

--Short-term FDIC guaranteed debt 'F1+'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.