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Caisse des Depots et Consignations
Standard & Poors, Dec 2008
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
Abstract
Public policy role that ensures the French state's continued commitment to its operations Cautious strategy conciliating public policy commitments with adequate business efficiency Sound risk management practices and improved corporate governance Satisfactory financial profile, excluding that of the savings funds division, enabling the bank to self finance its missions High equity risks Structural earnings volatility Deteriorated, though still adequate, capital position at main division Weak profitability and just adequate capitalization in the savings funds division, with likely low point in 2008 The ratings on French public-policy institution Caisse des D-p-ts et Consignations (CDC) are based on its unique legal status, close affiliation with the French state, and important role in supporting public policy in the Republic of France (AAA/Stable/A-1+). CDC...
Companies mentioned in this report are: Caisse des Depots et Consignations,France (Republic of) (Unsolicited Ratings),Caisses d'Epargne Participations,CNP Assurances,Dexia S.A.
Action: Review
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