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Caisse Centrale de R?escompte 'A/A-1' Ratings On CreditWatch Positive On Acquisition News Oct 07
Standard & Poors, Oct 2007
Abstract
PARIS (Standard & Poor's) Oct. 24, 2007--Standard & Poor's Ratings Services said today that it placed its 'A' long-term and 'A-1' short-term counterparty credit ratings on French bank Caisse Centrale de R-escompte (CCR) on CreditWatch with positive implications. The CreditWatch placement of the ratings on CCR follows the announcement by Swiss-incorporated UBS AG (AA/Stable/A-1+) that it has signed a share purchase agreement with Germany-based Commerzbank AG (A/Stable/A-1) to acquire CCR. 'The placement reflects potential support from the French bank's more highly rated, new majority shareholder, UBS, following completion of the acquisition of CCR shares,' said Standard & Poor's credit analyst St-phanie Carillon. Following approval from the authorities, UBS will own 100% of CCR group. CCR would benefit from being part...
Companies mentioned in this report are: Caisse Centrale de Reescompte,Commerzbank AG,UBS AG
Action: On CreditWatch:Positive
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.
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