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Caisse Centrale de Reescompte Jul 05
Standard & Poors, July 2005
Abstract
Niche positioning as a key asset manager within the Commerzbank group; Maintenance of a low-risk profile and sound capitalization; and Consistently stable profitability despite market volatility in recent years. Limited growth opportunities in the domestic market; Dependence on Commerzbank group for international development; and Continued weak, albeit improving, performance in affluent private individual funds activity. The ratings on France-based Caisse Centrale de R-escompte (CCR) reflect its position as an important asset management unit of its shareholder, Commerzbank AG (A-/Stable/A-2), as the continued development of synergies between the two banks has reinforced CCR's successful integration into the Commerzbank group. The ratings on CCR also reflect the bank's overall sound financial performance, which continues to be characterized by a low-risk profile, consistent...
Companies mentioned in this report are: Caisse Centrale de Reescompte,Commerzbank 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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