Summary: Caisse Nationale des Caisses d'Epargne et de Prevoyance Mar 09

Standard & Poors, March 2009

Abstract
The ratings on Caisse Nationale des Caisses d'Epargne et de Prévoyance (CNCE), the central body of Groupe Caisse d'Epargne (GCE), are based on an analysis of the consolidated group, including GCE's stake in core subsidiary Natixis S.A. (A+/Stable/A-1)--jointly controlled with Banque Fédérale des Banques Populaires (BFBP; A+/Stable/A-1), the central body of Groupe Banque Populaire (GBP). We think that GCE's strong solidarity system, managed by CNCE, justifies this consolidated approach. The ratings on CNCE reflect the creditworthiness of GCE, including its strong retail franchise, moderate risk profile, and mediocre but resilient retail profitability. They also factor in Standard & Poor's Ratings Services' expectation of a modest performance in 2009 after a €2 billion loss in 2008. Capitalization remains adequate, although financial...

Companies mentioned in this report are:
- Caisses d'Epargne Participations
- Credit Foncier de France
- Natixis S.A.
- Banque Federale des Banques Populaires

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Caisses d'Epargne Participations
- Credit Foncier de France
- Natixis S.A.
- Banque Federale des Banques Populaires

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