CNP Assurances Dec 07

Standard & Poors, December 2007

Abstract
Very strong competitive position in the French life insurance market Very strong investment and asset liability management practices Support from largest shareholder Caisse des Dépôts et Consignations Sensitivity of capitalization to capital markets Only-strong operating performance for the current ratings The ratings on CNP Assurances, France's leading life insurer, reflect the group's very strong competitive position in the French life insurance market, very strong investment asset liability management (ALM) practices, as well as solid financial flexibility. The ratings also include support from CNP's largest shareholder, state-owned Caisse des Dépôts et Consignations (CDC; AAA/Stable/A-1+). Partially offsetting these strengths are CNP's only strong capitalization and operating performance. Standard & Poor's Ratings Services considers the company's risk management practices to be adequate. CNP...

Companies mentioned in this report are:
- CNP Assurances
- Caisse des Depots et Consignations
- UniCredit SpA
- Caisses d'Epargne Participations
- La Banque Postale
- Global Cia de Seguros S.A. (Unsolicited Ratings)

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

- CNP Assurances
- Caisse des Depots et Consignations
- UniCredit SpA
- Caisses d'Epargne Participations
- La Banque Postale
- Global Cia de Seguros S.A. (Unsolicited Ratings)

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