Fitch Rates Goldman Sachs' Guaranteed Senior Secured Notes 'A+/F1+'

Fitch Ratings assigns 'A+/F1+' ratings to the issuances under the guaranteed senior secured notes programme (Programme). Programme notes will be issued by Goldman Sachs Bank (Europe) Plc and/or Goldman Sachs International, both wholly owned subsidiaries of The Goldman Sachs Group, Inc. (Goldman). Noteholders are granted a first priority interest in select assets or trading instruments. The assigned ratings are based on the senior unsecured ratings that Fitch maintains on Goldman, since all Programme issuances are guaranteed by Goldman for payment and delivery.

Fitch assigns the following ratings with a Stable Outlook:

Goldman Sachs Bank (Europe) Plc

--Senior secured guaranteed debt 'A+';

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

Goldman Sachs International

--Senior secured guaranteed debt 'A+';

--Short-term, secured 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.