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Bulletin: Societe Generale Ratings Unaffected By Sizable Write-Downs On Structured Assets For Fourth-Quarter 2009
Standard & Poors, Jan 2010
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) Jan. 13, 2010--Standard & Poor's Ratings Services said that its ratings on French bank Soci-t- G-n-rale remain unaffected after the bank announced today that it will post -1.4 billion in write-downs on its most-at-risk structured assets to fourth-quarter 2009 earnings. These are in addition to the -2.5 billion it has already posted for the first three quarters. The write-downs highlight the bank's remaining vulnerability to this portfolio, one of our main areas of concern. These write-downs are higher than our central expectation. However, they are notably more than counterbalanced by strong revenues from the bank's corporate and investment banking business line that we foresee for full-year 2009. In the fourth quarter, SocGen also reinforced the level...
Companies mentioned in this report are: Societe Generale
Action: Bulletin
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