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Research Update: BFBP, CNCE, Natixis Outlooks Revised To Neg On Weakening Profitability; 'AA-/A-1+' Affirmed Oct 08 Product Image

Research Update: BFBP, CNCE, Natixis Outlooks Revised To Neg On Weakening Profitability; 'AA-/A-1+' Affirmed Oct 08

  • ID: 1784181
  • October 2008
  • Standard & Poors

FEATURED COMPANIES

  • Coface Assicurazioni SpA
  • Coface Finanz GmbH
  • Coface S.A.
  • Credit Foncier de France
  • Natixis S.A.
  • MORE

Abstract
On Oct. 7, 2008, Standard & Poor's Ratings Services revised its outlook to negative from stable on French banks Banque Fédérale des Banques Populaires (BFBP), Caisse Nationale des Caisses d'Epargne et de Prévoyance (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
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- 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
- Coface Finanz GmbH
- Coface North America Insurance Co.
- Banques Populaires Covered Bonds Programme
- GCE Covered Bonds Programme

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