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Agos SpA Feb 09
Standard & Poors, Feb 2009
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
Strategic importance to and support from France's Cr-dit Agricole ultimate parent group Strengthened business position as the leading player in Italian consumer finance Effective credit risk management Business concentration on the high-credit-risk Italian consumer finance market Increasing cost of credit Modest capital ratios The ratings on Italy-based consumer finance provider Agos SpA reflect its strategic importance to its main shareholder, France-based Sofinco. One of the major specialized consumer finance banks in Europe, Sofinco is a wholly owned core subsidiary of French bank Cr-dit Agricole S.A. (both rated AA-/Stable/A-1+). Sofinco offers Agos actual and potential support to offset its modest capitalization and relatively undiversified funding. The ratings on Agos are also supported by its domestic business position, strengthened by a new...
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,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.,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,CA Preferred Funding Trust,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,CA Preferred Funding Trust II,CA Preferred Funding Trust III,Caisse Regionale de Credit Agricole Mutuel Brie Picardie,Banque Saudi Fransi,Caisse Regionale de Credit Agricole Mutuel Normandie,Caisse Regionale de Credit Agricole Mutuel Alpes Provence,CACEIS,Caisse Regionale de Credit Agricole Mutuel de Lorraine,Caisse Regionale de Credit Agricole Mutuel Charente Perigord,Caisse Regionale de Credit Agricole Mutuel Sud-Mediterranee,Caisse Regionale de Credit Agricole Mutuel de la Reunion,Caisse Regionale de Credit Agricole Mutuel de Charente-Maritime Deux Sevres,Caisse Regionale de Credit Agricole Mutuel Alsace-Vosges,Caisse Regionale de Credit Agricole Mutuel Provence Cote d'Azur
Action: Review
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