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Bulletin: Societe Generale Ratings Unchanged Following Capital Increase And Repayment Of French Government Aid
Standard & Poors, Oct 2009
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.
Abstract
PARIS (Standard & Poor's) Oct. 6, 2009--Standard & Poor's Ratings Services said that its ratings remain unaffected on Soci-t- G-n-rale (A+/Stable/A-1) after the bank announced today that it will launch a -4.8 billion capital increase and reimburse the -3.4 billion in preference shares and hybrid instruments subscribed by the French government. At the same time, the French banking group announced it entered into negotiations with Dexia regarding the purchase of its 20% stake in Cr-dit du Nord (A+/Stable/A-1), in which SocGen already holds 80%. The ratings on Cr-dit du Nord, which we have long considered a core subsidiary of SocGen, are also unaffected. We believe Soci-t- G-n-rale's capital increase will reinforce the level and quality of its capital ratios. The...
Companies mentioned in this report are: Societe Generale,Credit du Nord S.A.
Action: Bulletin
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