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BICRA On France Revised To Group 2 From Group 1 On Higher Funding Constraints And Rising Housing Prices Oct 11
Standard & Poors, Oct 2011
Abstract
We have revised downward our near-term growth forecasts for France, where we note that prices on the housing market are rising much faster than GDP. More difficult funding conditions for French banks show their greater vulnerability to capital flows than we had thought. Competition for customer deposits should increase funding costs and weigh on net interest margins. We are therefore revising our Banking Industry Country Risk Assessment on France to Group 2 from Group 1, and the economic risk score to '2' from '1'. This revision will not automatically lead to rating changes on all French banks, but could contribute on a case-by-case basis. PARIS (Standard & Poor's) Oct. 14, 2011--Standard & Poor's Ratings Services said today that it has...
Action: General Comment
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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