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BULLETIN:Societe Generale's 3Q 2002 Net Income Affected By Participation Portfolio Write-Downs
Standard & Poors, Nov 2002
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Standard & Poor's Rating Services said today that the announcement by the French bank Soci-t- G-n-rale (SocGen; AA-/Stable/A-1+) of a 63% decline in its third-quarter net income does not affect its ratings or outlook on SocGen. The fall in the bottom line primarily reflects write-downs on the bank's industrial participation portfolio, due to stock market fluctuations. Although SocGen has lost the additional flexibility provided in the past by unrealized capital gains in its industrial participation portfolio, Standard & Poor's is comfortable with SocGen's capitalization, which compares well with that of peers in terms of level and quality. The bank continued to post adequate operating income in the third quarter of 2002, despite higher provisioning charges and weaker revenues in some...
Companies mentioned in this report are: Societe Generale
Action: S&P Event
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