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CACEIS Sep 09
Standard & Poors, Sep 2009
Abstract
Significant support from the Cr-dit Agricole group Strong market position in securities services in France Low risk profile Monoline business profile Weak capitalization Competitive pressures of a rapidly consolidating business The ratings on French securities services provider CACEIS rely on a consolidated analysis of the CACEIS group. CACEIS is the parent company of the group. The ratings reflect CACEIS' ownership by and strong operational links with French banks Cr-dit Agricole S.A. (CASA; AA-/Negative/A-1+) and Natixis S.A. (A+/Stable/A-1), the investment banking subsidiary of France-based BPCE (A+/Stable/A-1). BPCE is the new central body around which Groupe Caisse d'Epargne (GCE) and Groupe Banque Populaire (GBP) combined in August 2009 to form Groupe BPCE. The ratings on CACEIS factor in strong support from CASA,...
Action: Review
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
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