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Caisse Autonome de Refinancement
Standard & Poors, Dec 2000
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
The ratings on Caisse Autonome de Refinancement (CAR) reflect its 100% ownership by Caisse des D-p-ts et Consignations (CDC; AAA/Stable/A-1+), excellent asset quality, strict asset and liability management, and satisfactory capitalization. The ratings attributed to CDC are based on its unique legal status and its strategic role in the French state's fiscal policies. CDC conducts both public-service and commercial activities. It is notably entrusted by the French state with the management of funds deposited in certain tax-exempt savings accounts, mainly the 'Livret A', which is distributed by the post office and the savings banks. These funds are primarily earmarked for lending to social housing entities, an activity carried out by CDC in a separate accounting structure called 'savings funds'. CAR...
Companies mentioned in this report are: Caisse Autonome de Refinancement,Caisse des Depots et Consignations,IXIS Corporate & Investment Bank,Natixis Financial Products LLC,CNP Assurances,Previposte,CDC Finance - CDC IXIS
Action: Review
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