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Caisse Centrale de Reescompte Jul 07
Standard & Poors, July 2007
Abstract
Low risk profile Sustained profitability Good fee income Sound capital adequacy Limited growth opportunities in the domestic market Highly competitive operating environment Profitability vulnerable to unfavorable equity markets The final ratings on Caisse Centrale de R-escompte (CCR) primarily reflect its stand-alone rating and include one notch for parental support. The ratings are principally driven by the analysis of the business position and financial structure of CCR as an independent stand-alone entity. They reflect CCR's overall sound financial performance, which continues to be characterized by a low risk profile, improving profitability due to wider product diversification, and sound capital adequacy. The ratings are constrained by CCR's relatively concentrated business in equity funds, which is vulnerable to unfavorable markets or performance, and...
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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