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Banque Accord May 11
Standard & Poors, May 2011
Abstract
Core status within French retail parent Groupe Auchan S.A. Ability to generate wide interest margins. Prudent liquidity management. Business concentration on consumer finance. High credit risk stemming from sizable exposure to revolving lending and operations in difficult European markets. Low stand-alone financial flexibility to absorb credit risk. The ratings on France-based consumer finance company Banque Accord (BA) reflect Standard & Poor's Ratings Services' view that BA has a core position within parent group and 98% shareholder, fourth-largest French food retailer, Groupe Auchan S.A. (Auchan, A/Stable/A-1). We consequently equalize the ratings on BA with those of Auchan, which puts BA's long-term rating four notches above its current stand-alone credit profile. The ratings also factor in BA's ability to generate a wide...
Companies mentioned in this report are: Banque Accord,Groupe Auchan S.A.,Auchan Coordination Services S.A.
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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