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Bulletin: Ratings On Societe Generale Unchanged On News Of Big Capital Increase To Fund Acquisitions
Standard & Poors, Sep 2006
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
PARIS (Standard & Poor's) Sept. 28, 2006--Standard & Poor's Ratings Services said today that its ratings and outlook on France-based Soci-t- G-n-rale (SocGen; AA-/Positive/A-1+) are unchanged by the bank's announced -2.4 billion capital increase to fund several significant acquisitions, including an additional 10% stake with a call for control in Rosbank OJSC (foreign currency B/Watch Pos/C, local currency B/Watch Pos/C, Russia national scale ruA-/Watch Pos/--). Although a potential controlling stake in Rosbank would represent a sizable acquisition for SocGen in one of world's riskiest banking industries, we take comfort in the transaction's conservative funding and gradual process. We believe the capital increase, undertaken so the bank can maintain capital at the high end of its 7.0%-7.5% target until 2008, illustrates...
Companies mentioned in this report are: Societe Generale,Rosbank OJSC JSCB
Action: Bulletin
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