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Caisse Nationale des Caisses d'Epargne et de Prevoyance Jun 09
Standard & Poors, June 2009
Abstract
Government-related entity status and related support from the French government Leading franchise in dominant domestic retail banking activity Low risk profile of domestic retail banking Challenge in deleveraging the large and risky workout portfolio at Natixis Likelihood of poor profitability for 2009 and 2010 Execution risk in completing merger with Groupe Banque Populaire. The ratings on Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE), the central body of Groupe Caisse d'Epargne (GCE), are based on an analysis of the consolidated group. This includes GCE's stake in core subsidiary Natixis S.A. (A+/Stable/A-1)--jointly controlled with Banque F-d-rale des Banques Populaires (BFBP; A+/Stable/A-1), the central body of Groupe Banque Populaire (GBP). Because of their high systemic importance in France, we anticipate strong...
Companies mentioned in this report are: Caisses d'Epargne Participations,Credit Foncier de France,Natixis S.A.,Coface S.A.,Locindus S.A.,Credit Foncier et Communal d'Alsace et de Lorraine-Banque,Coface Kreditversicherung AG,Natixis Financial Products LLC,Banque Tuniso-Koweitienne,Compagnie de Financement Foncier,Credit Foncier et Communal d'Alsace et de Lorraine - Societe de Credit Foncier,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.
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
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