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Caisse Centrale de R?escompte Is Downgraded To 'A+/A-1'; Outlook Negative Apr 08
Standard & Poors, April 2008
Abstract
PARIS (Standard & Poor's)--April 1, 2008, Standard & Poor's Ratings Services lowered its long- and short-term counterparty credit ratings on French bank Caisse Centrale de R-escompte (CCR) to 'A+/A-1' from 'AA-/A-1+'. The outlook is negative. The rating action follows the downgrade April 1, 2008, of Swiss bank UBS AG, where we lowered the long-term rating to 'AA-' from 'AA'. Following the completion of UBS' acquisition of CCR's shares and in light of the CCR's forthcoming integration into its parent group, Standard & Poor's deems the French bank to be a strategically important entity within UBS group. The long-term rating on CCR therefore includes uplift for potential parental support but is capped at one notch below that on UBS. The ratings...
Companies mentioned in this report are: Caisse Centrale de Reescompte,UBS AG
Action: Downgraded
Action: Outlook: Negative
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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