Franfinance Nov 10

Standard & Poors, November 2010

Abstract
Core status within Société Générale. Demonstrated expertise in business equipment finance and consumer credit. Satisfactory commercial position thanks to membership within Société Générale. Satisfactory profitability, with low volatility in ratios. Limited business diversification. Moderate stand-alone capital base. Dependence on wholesale funding. The ratings on France-based finance company Franfinance primarily reflect Standard & Poor's Ratings Services' view of its core position within its parent, French banking group Société Générale (SocGen; A+/Stable/A-1), and adequate financial profile. SocGen is one of the largest universal banks in Europe by total assets. It benefits from a diversified business profile, strong commercial position in its main businesses, and consistent strategy. Franfinance's full ownership by and deep integration into SocGen--in terms of strategy, management, and operational activities--support...

Companies mentioned in this report are:
- Franfinance
- Societe Generale

Action: Review

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

- Franfinance
- Societe Generale

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