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Caisse Centrale de Reescompte Aug 04
Standard & Poors, Aug 2004
Abstract
Successful integration as a key asset manager within the Commerzbank group; Low-risk profile with respect to both business orientation and asset quality, and sound capitalization; and Consistently stable profitability despite market volatility and the marked-to-market valuation of asset swaps in 2002, which has introduced a higher level of volatility into results. Limited growth opportunities in the domestic market; International development still dependent on the Commerzbank group's product and distribution capabilities; and Continued weak, albeit improving, performance in affluent private individual funds activity. The ratings on Caisse Centrale de R-escompte (CCR) reflect the bank's position as an important asset management unit of its shareholder, Commerzbank AG (A-/Negative/A-2), with continued synergies between the two banks having reinforced CCR's successful integration into the...
Companies mentioned in this report are: Caisse Centrale de Reescompte,Commerzbank AG,Commerzbank International S.A.,Commerzbank Overseas Finance N.V.,Commerzbank Europe (Ireland),Hypothekenbank in Essen AG,Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
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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