BICRA On France Revised To Group 2 From Group 1 On Higher Funding Constraints And Rising Housing Prices Oct 11
Standard & Poors, October 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
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- Credit Agricole S.A.
- Credit Foncier de France
- Natixis S.A.
- BNP Paribas
- Agence Francaise de Developpement
- Credit Lyonnais
- Societe Generale
- France (Republic of) (Unsolicited Ratings)
- Credit Agricole Corporate and Investment Bank
- HSBC France
- Caisse des Depots et Consignations
- Credit Industriel et Commercial
- Dexia Credit Local
- DIAC S.A.
- Credit Logement
- Banque Federative du Credit Mutuel
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- FINDIM
- GE Capital Retail Bank
- RCI Banque
- Banque Transatlantique
- SOFIRA
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- Natiocredibail
- Natiocredimurs
- Caisse Regionale de Credit Agricole Mutuel du Morbihan
- Caisse Regionale de Credit Agricole de la Somme
- Caisse Regionale de Credit Agricole Mutuel du Finistere
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- Caisse Regionale de Credit Agricole de la Brie
- Credit du Nord S.A.
- Caisse Regionale de Credit Agricole Mutuel Paris Ile-de-France
- Caisses d'Epargne Participations
- Credit Municipal de Paris
- Banque de Financement et de Tresorerie
- BNP Paribas Personal Finance
- CA Consumer Finance
- Cofidis S.A.
- Caisse Regionale de Credit Agricole Mutuel des Cotes D'Armor
- Caisse Regionale de Credit Agricole Mutuel Sud Rhone-Alpes
- Entenial
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- Banque OBC-Odier, Bungener, Courvoisier
- Caisse Centrale du Credit Mutuel
- Credit Mutuel Arkea
- Arkea Banque Entreprises et Institutionnels
- Compagnie Financiere du Credit Mutuel
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- Caisse Federale du Credit Mutuel Ocean
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- Caisse Federale de Credit Mutuel de Normandie
- Caisse Federale du Credit Mutuel Antilles-Guyane
- Caisse Regionale du Credit Mutuel Massif-Central
- Caisse Regionale du Credit Mutuel Mediterraneen
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- Banque de l'Economie du Commerce et de la Monetique
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- Caisse Federale du Credit Mutuel de Maine-Anjou Basse Normandie
- Caisse Federale du Credit Mutuel de Loire Atlantique et du Centre Ouest
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- Locindus S.A.
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- Banque Hervet
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- Credit Foncier et Communal d'Alsace et de Lorraine-Banque
- BRED - Banque Populaire
- Caisse d'Amortissement de la Dette Sociale
- IXIS Corporate & Investment Bank
- monabanq.
- Caisse Regionale de Credit Agricole Mutuel de L'oise
- Lyonnaise de Banque
- Banque Scalbert Dupont
- Societe Bordelaise de CIC
- Banque de France
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- Caisse Regionale de Credit Agricole Mutuel de la Touraine et du Poitou
- BNP Paribas Securities Services
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- IXIS Investor Services
- CMP-Banque
- Caisse Regionale de Credit Agricole Mutuel Brie Picardie
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- Caisse Regionale de Credit Agricole Mutuel de Franche-Comte
- Caisse Regionale de Credit Agricole Mutuel Normandie
- Caisse Regionale de Credit Agricole Mutuel Alpes Provence
- CACEIS
- Exane S.A.
- Caisse Regionale de Credit Agricole Mutuel Charente Perigord
- Caisse Regionale de Credit Agricole Mutuel Sud-Mediterranee
- Caisse Regionale de Credit Agricole Mutuel de la Reunion
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- Caisse Regionale de Credit Agricole Mutuel Provence Cote d'Azur
- CNP Caution
- Caisse Regionale de Credit Agricole Mutuel du Languedoc
- Caisse Regionale de Credit Agricole Mutuel des Savoie
- Carrefour Banque
- Caisse Regionale de Credit Agricole Mutuel du Centre Ouest
- Caisse Regionale de Credit Agricole Mutuel de Champagne-Bourgogne
- Caisse Regionale de Credit Agricole Mutuel de la Guadeloupe
- Societe de Prise de Participation de l Etat
- Banque Cooperative Mutuelle Nord
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