Bulletin: BFBP, CNCE, Natixis Ratings And Outlooks Unchanged On Announcement Of Possible Linkup Oct 08

Standard & Poors, October 2008

Abstract
PARIS (Standard & Poor's) Oct. 9, 2008--Standard & Poor's Ratings Services said today that its ratings and outlooks on Banque F-d-rale des Banques Populaires (BFBP), Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE), and Natixis S.A. (all rated AA-/Negative/A-1+) remain unchanged following the announcement yesterday that they will undertake discussions with a view to preparing a linkup between their two central institutions. Our expectations for the 'AA-' ratings and the negative outlook are unchanged as well. We expect that Groupe Banque Populaire (GBP) and Groupe Caisse d'Epargne (GCE) would be able to address the negative earnings trend in their domestic retail banking businesses. We expect that, besides potential additional provisioning needs in 2008 related to its securitized assets and...

Companies mentioned in this report are: Banque Federale des Banques Populaires,Natixis S.A.,Caisses d'Epargne Participations
Action: Bulletin

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.

Banque Federale des Banques Populaires,Natixis S.A.,Caisses d'Epargne Participations

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