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Caisse Nationale des Caisses d'Epargne et de Prevoyance Jul 09
Standard & Poors, July 2009
Abstract
Highly systemically important bank in France, classified as a supportive country under our methodology Expected strong 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 France-based Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE), the central body of Groupe Caisse d'Epargne (GCE), are based on Standard & Poor's Ratings Services' 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...
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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