Banque Federale des Banques Populaires 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 Sound and sustainable franchise in domestic retail banking activity with moderate risk profile 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 Caisse d'Epargne Sound and sustainable franchise in domestic retail banking activity Moderate risk profile of domestic retail banking The ratings on Banque F-d-rale des Banques Populaires (BFBP), the central body of Groupe Banque Populaire (GBP) are based on an analysis of the consolidated group. This includes GBP's stake in core subsidiary Natixis S.A. (A+/Stable/A-1)--jointly controlled with Caisse Nationale des Caisses...
Companies mentioned in this report are: Banque Federale des Banques Populaires,Natixis S.A.,Caisses d'Epargne Participations,Coface S.A.,BRED-Banque Populaire,Coface Kreditversicherung AG,Natixis Financial Products LLC,Natexis Banques Populaires Capital Trust I,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
Banque Federale des Banques Populaires,Natixis S.A.,Caisses d'Epargne Participations,Coface S.A.,BRED-Banque Populaire,Coface Kreditversicherung AG,Natixis Financial Products LLC,Natexis Banques Populaires Capital Trust I,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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