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Moody's Confirms ACLEDA Bank's Ratings

June 19, 2009

PHNOM PENH, 19th June – Moody’s Investors Service today confirmed ACLEDA Bank Plc's local currency deposit and issuer ratings of Ba1 with a stable outlook.

In a bulletin issued last month Moody's placed the bank on notice for a possible downgrade in its long-term local currency rating pending a review the international rating agency was undertaking of the level of systemic support the Cambodian banks were likely to receive in the event of a crisis. Today's announcement reaffirms all ACLEDA's original ratings and effectively withdraws the threat of a downgrade.

Mr In Channy, President and CEO of ACLEDA Bank, said 'We are naturally very pleased with this outcome as it shows that our bank has withstood the rigorous scrutiny which we have been put under and have maintained our ratings at a time when so many other banks in the world have been downgraded. In these difficult economic times this will give great encouragement to our customers, the public at large and of course our staff who have worked so hard to keep ACLEDA strong and secure.'

In its press release Moody’s notes that during the recent global crisis the Cambodian government has implemented a number of measures to ensure the stability of the banking system, including the establishment of a US$100 million emergency credit line for banks in need of temporary liquidity. They also cite the role of ACLEDA's shareholders who 'have a long-term focus and have demonstrated their support to the bank by providing equity and debt financing since its inception' as an important factor in their decision. 'This is a vote of confidence in the National Bank and also demonstrates the importance of having strong and supportive shareholders in confronting the challenges in today's banking environment' said Mr Channy.

About ACLEDA Bank Plc.

ACLEDA Bank Plc. is a public limited company formed under the laws of the Kingdom of Cambodia. It was originally established in January 1993 as a national NGO for micro and small enterprises' development and credit. In 2000 ACLEDA transformed itself into a bank and since then total assets have grown from US$22.3 million to US$692.9 million by 2008, loans from US$16.7 million to US$457.4 million and pre-tax profit from US$390,313 to US$24.9 million. Majority owned by Cambodians (including its staff) and Cambodian managed, ACLEDA now employs more than 6,901 staff in 229 offices – the largest network and the top deposit taker with over 20% market share out of the 26 banks. In 2008 it expanded into Laos.

ACLEDA Bank's International Shareholders: International Finance Corporation (a division of the World Bank), DEG (a part of KFW, Germany), FMO (Netherlands), Triodos-Doen Foundation and Triodos Fair Share Fund (Netherlands).

For more information contact:

Mrs. So Phonnary, EVP & Chief of Operations Officer
ACLEDA Bank Plc.
E-mail:

Mr. Prom Visoth, Senior Vice President & Head of Legal Division and Company Secretary
ACLEDA Bank Plc.
E-mail: