Research Update: BFBP, CNCE, Natixis Outlooks Revised To Neg On Weakening Profitability; 'AA-/A-1+' Affirmed Oct 08
Standard & Poors, October 2008
Abstract
On Oct. 7, 2008, Standard & Poor's Ratings Services revised its outlook to negative from stable on French banks Banque F-d-rale des Banques Populaires (BFBP), Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE), and core subsidiary Natixis S.A. (co-controlled by BFBP and CNCE). At the same time, the 'AA-/A-1+' long- and short-term counterparty credit ratings on BFBP, CNCE, and Natixis were affirmed. Standard & Poor's 'AAA' ratings on covered bonds that Compagnie de Financement Foncier, Banques Populaires Covered Bonds, and GCE Covered Bonds issue are unaffected by today's rating action. The outlook revision reflects the increased probability that both GBP and GCE's retail networks will show further incremental earnings deterioration following an already difficult first-half 2008. Continued revenue weakness...
Companies mentioned in this report are: Caisses d'Epargne Participations,Credit Foncier de France,Natixis S.A.,Banque Federale des Banques Populaires,Coface S.A.,Coface Kreditversicherung AG,Natixis Financial Products LLC,Compagnie de Financement Foncier,Natixis U.S. Finance Co. LLC,Compagnie Europeenne de Garanties et Cautions,Coface Austria Kreditversicherung AG,Coface Assicurazioni SpA,Natexis Banques Populaires Capital Trust III,Coface Finanz GmbH,Coface North America Insurance Co.,Banques Populaires Covered Bonds Programme,GCE Covered Bonds Programme
Action: Outlook: Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Caisses d'Epargne Participations,Credit Foncier de France,Natixis S.A.,Banque Federale des Banques Populaires,Coface S.A.,Coface Kreditversicherung AG,Natixis Financial Products LLC,Compagnie de Financement Foncier,Natixis U.S. Finance Co. LLC,Compagnie Europeenne de Garanties et Cautions,Coface Austria Kreditversicherung AG,Coface Assicurazioni SpA,Natexis Banques Populaires Capital Trust III,Coface Finanz GmbH,Coface North America Insurance Co.,Banques Populaires Covered Bonds Programme,GCE Covered Bonds Programme
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