Research Update: Société Générale Affirmed At 'AA-/A-1+'; Outlook Remains Negative Due To Pressures On CIB Activities Jan 09
Standard & Poors, January 2009
Abstract
On Jan. 28, 2009, Standard & Poor's Ratings Services affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on French bank Société Générale (SocGen) and its core subsidiaries. The outlook on the long-term rating remains negative. The affirmation reflects our opinion that the bank has successfully managed the negative impact of the trading fraud revealed in January 2008. SocGen's profile is now comparable with that of other large and diversified institutions with corporate and investment (CIB) activities that are under pressure. We therefore expect a significant decline in profitability in 2008, and limited recovery prospects in 2009. Still, the bank remained firmly in the black last year, and is to post an estimated €2 billion net profit after minority...
Companies mentioned in this report are:
- Societe Generale
- Societe Generale N.A. Inc.
- Societe Generale (Canada)
- SGA Societe Generale Acceptance N.V.
- Credit du Nord S.A.
- Franfinance
- Banque Kolb S.A.
- Banque Tarneaud S.A.
- Banque Rhone Alpes S.A.
- Societe Generale Bank & Trust
- SG Capital Trust III
- SG Option Europe S.A.
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Societe Generale
- Societe Generale N.A. Inc.
- Societe Generale (Canada)
- SGA Societe Generale Acceptance N.V.
- Credit du Nord S.A.
- Franfinance
- Banque Kolb S.A.
- Banque Tarneaud S.A.
- Banque Rhone Alpes S.A.
- Societe Generale Bank & Trust
- SG Capital Trust III
- SG Option Europe S.A.
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