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Fitch Assigns 'A' Rating to Goldman Sachs' Vesey Street Investment Trust I

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned a rating of 'A' to senior guaranteed trust securities issued by Vesey Street Investment Trust I. These ratings are based entirely on the ratings of parent guarantor, The Goldman Sachs Group, Inc. Because The Goldman Sachs Group, Inc. fully and unconditionally guarantees the due and punctual payment of the senior guaranteed trust securities, it is Fitch's view that the senior guaranteed trust securities rank pari passu with senior, unsecured obligations of the guarantor. The sole assets of Vesey Street Investment Trust I are junior subordinated notes of The Goldman Sachs Group, Inc.

Fitch has downgraded the APEX securities issued by Goldman Sachs Capital III to 'BB+' from 'BBB-' as a result of Goldman Sachs Capital III purchasing perpetual non-cumulative preferred stock of The Goldman Sachs Group, Inc. consistent with Fitch's criteria 'Rating Bank Regulatory Capital Securities' dated Dec. 15, 2011.

Fitch assigns the following rating:

Vesey Street Investment Trust I
--Senior guaranteed trust securities 'A'.

Fitch Downgrades the following rating:

Goldman Sachs Capital III
--Preferred stock downgraded to 'BB+' from 'BBB-'.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Rating Bank Regulatory Capital Securities', dated Dec. 15, 2011;
--'Global Financial Institutions Rating Criteria', dated Aug. 15, 2012.

Applicable Criteria and Related Research:
Rating Bank Regulatory Capital and Similar Securities
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656371
Global Financial Institutions Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

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Fitch Ratings
Primary Analyst:
Joseph Scott, +1-212-908-024
Senior Director
Fitch, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst:
Fabrice Toka, +1-212-908-0369
Senior Director
or
Committee Chairperson:
Nathan Flanders, +1-212-908-0827
Managing Director
or
Media Relations:
Brian Bertsch, +1-212-908-0549
brian.bertsch@fitchratings.com

Source: Fitch Ratings