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Research Update: Natixis Downgraded To ?A+/A-1? On Lower Earnings Prospects; Outlook Stable Oct 08 Product Image

Research Update: Natixis Downgraded To ?A+/A-1? On Lower Earnings Prospects; Outlook Stable Oct 08

  • Published: October 2008
  • Standard & Poors

FEATURED COMPANIES

  • BRED - Banque Populaire
  • CCBP International Inc.
  • Coface Assicurazioni SpA
  • Coface Finanz GmbH
  • Coface S.A.
  • Natixis S.A.
  • MORE

Abstract
On Oct. 27, 2008, Standard & Poor's Ratings Services lowered to 'A+/A-1' from 'AA-/A-1+' its long-term and short-term counterparty credit ratings on Natixis S.A. The outlook is stable. At the same time, we downgraded the rating on all of Natixis' junior subordinated debt to 'BBB+' from 'A' because of the increased probability--reflected in the lower long-term rating--that it would not pay dividends, although this is unlikely and inconsistent with the bank's policy. The rating action on the counterparty credit ratings reflects downgrades today of Natixis' two parent companies, Caisse Nationale des Caisses d'Epargne et de Prévoyance (CNCE) and Banque Fédérale des Banques Populaires (BFBP), primarily because of a combination of domestic earnings pressure as well as a bad performance and...

Companies mentioned in this report are:
- Natixis S.A.
- Banque Federale des Banques Populaires
- CCBP International Inc.
- Coface S.A.
- BRED - Banque Populaire
- Coface Kreditversicherung AG
- Natixis Financial Products LLC
- Natixis U.S. Finance Co. LLC
- Compagnie Europeenne de Garanties et Cautions
- Coface Austria Kreditversicherung READ MORE >

- Natixis S.A.
- Banque Federale des Banques Populaires
- CCBP International Inc.
- Coface S.A.
- BRED - Banque Populaire
- Coface Kreditversicherung AG
- Natixis Financial Products LLC
- 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.
- Natixis Australia Pty Ltd.

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