Research Update: Credit du Nord L-T Rating Raised To 'AA'; Subsidiaries Raised To 'AA-/A-1+'; Outlook Stable Nov 06
- ID: 1751918
- November 2006
- Standard & Poors
On Nov. 15, 2006, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on French bank Crédit du Nord S.A. (CDN) to 'AA' from 'AA-', following an upgrade of its parent Société Générale (SocGen; AA/Stable/A-1+), reflecting CDN's core status within the domestic retail-banking activities of SocGen. At the same time, the short-term 'A-1+' counterparty credit rating on CDN was affirmed. The outlook is stable. In addition, Standard & Poor's raised its long- and short-term counterparty credit ratings on three of CDN's subsidiaries-- Banque Rhône Alpes S.A., Banque Tarneaud S.A., and Banque Kolb S.A.--to 'AA-/A-1+' from 'A+/A-1'. The outlook on these subsidiaries is stable. The upgrade of SocGen to 'AA' from 'AA-' reflects a major improvement in SocGen's business...
Companies mentioned in this report are:
- Credit du Nord S.A.
- Societe Generale
- Banque Kolb S.A.
- Banque Tarneaud S.A.
- Banque Rhone Alpes S.A.
Action: Outlook: Stable
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Product Type: Research Update
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