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Caisse des Depots et Consignations
Standard & Poors, Dec 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: Full Analysis
Abstract
A critical public-policy role in France and integral link with the French state securing the authorities' continued commitment to its operations. Cautious strategy conciliating public-policy commitments and adequate business efficiency. Sound risk management practices and improved corporate governance. Overall satisfactory financial profile of the main division enabling CDC to self-finance its missions. Gradual restoration of the DFE savings funds division's profitability since reform of Livret A. High equity risks. Structurally volatile earnings. Declining capital position at the main division. Weak capitalization in the savings funds division. The ratings on French institution Caisse des D-p-ts et Consignations (CDC) reflect Standard & Poor's Ratings Services' opinion that there is an 'almost certain' likelihood that the Republic of France (AAA/Stable/A-1+) would provide sufficient...
Companies mentioned in this report are: Caisse des Depots et Consignations,CNP Assurances
Action: Review
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