Summary: Societe Generale Feb 11

Standard & Poors, February 2011

Abstract
The ratings on France-based bank Société Générale (SocGen) are supported, in Standard & Poor's Ratings Services' view, by the bank's diversified business profile, strong commercial position in its main businesses, and consistent strategy. Negative rating factors are the bank's sizable balance sheet that entails significant credit risk, complex books of illiquid assets and trading instruments, and large operations in emerging markets, notably Russia. Although expected to improve, SocGen's capitalization is only moderate and not supportive of its current ratings. We believe SocGen has high systemic importance in France. We classify the country as supportive under our ratings methodology. Although SocGen benefits from government support for the French banking system as a whole, the ratings on the bank reflect its stand-alone...

Companies mentioned in this report are:
- 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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Societe Generale

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