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Agos SpA Feb 07
Standard & Poors, Feb 2007
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Membership in and strategic importance to France's Cr-dit Agricole group Favorable business position as one of the major players in Italian consumer finance Effective credit risk management Large proportion of funding provided by the main shareholder Business concentration on the Italian consumer finance market, which remains untested in a crisis scenario Low capital ratios The ratings on Italy-based consumer finance provider Agos SpA reflect its strategic importance to its main shareholder, France-based Sofinco (AA-/Positive/A-1+), one of the major specialized consumer finance banks in Europe, which offers actual and potential support to the company's low capitalization. Ratings are also supported by Agos' favorable business position and effective credit risk management. The ratings are constrained, however, by the company's concentration on a...
Companies mentioned in this report are: Agos-Ducato SpA,Credit Agricole S.A.,Credit Lyonnais,Credit Agricole Corporate and Investment Bank,Credit Agricole USA Inc.,Credit Agricole CIB Australia Ltd.,Caisse Regionale de Credit Agricole Mutuel du Morbihan,Caisse Regionale de Credit Agricole Mutuel du Finistere,Caisse Regionale de Credit Agricole Mutuel du Nord-Est,Caisse Regionale de Credit Agricole Mutuel Paris Ile-de-France,Banque de Financement et de Tresorerie,CA Consumer Finance,Caisse Regionale de Credit Agricole Mutuel des Cotes D'Armor,Caisse Regionale de Credit Agricole Mutuel Sud Rhone-Alpes,Societe de Portefeuille IENA,Caisse Regionale de Credit Agricole Mutuel de Centre Loire,Caisse Regionale de Credit Agricole Mutuel de l'Anjou et du Maine,Caisse Regionale de Credit Agricole Mutuel Toulouse 31,Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine,Caisse Regionale de Credit Agricole Mutuel de Centre-France,Caisse Regionale de Credit Agricole Mutuel Nord de France,Caisse Regionale de Credit Agricole Mutuel Centre-Est,Emporiki Bank of Greece S.A.,Credit Francais International,Caisse Regionale de Credit Agricole Mutuel de L'oise,Caisse Regionale de Credit Agricole Mutuel Pyrenees-Gascogne,Caisse Regionale de Credit Agricole Mutuel de la Touraine et du Poitou,Caisse Regionale de Credit Agricole Mutuel Atlantique Vendee,Caisse Regionale de Credit Agricole Mutuel d'Aquitaine,Caisse Regionale de Credit Agricole Mutuel d'Ile et Vilaine,Caisse Regionale de Credit Agricole Mutuel Brie Picardie,Caisse Regionale de Credit Agricole Mutuel Normandie,Caisse Regionale de Credit Agricole Mutuel Alpes Provence,CACEIS
Action: Review
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