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CACEIS Oct 10
Standard & Poors, Oct 2010
Abstract
Core subsidiary of and related support from Cr-dit Agricole group. Strong market position in securities services in France. Low risk profile. Monoline business profile. Weak capitalization. Competitive pressures of a rapidly consolidating business. Standard & Poor's Ratings Services designates CACEIS as a core subsidiary of French bank Cr-dit Agricole S.A. (CASA; AA-/Negative/A-1+) under our methodology for rating entities of groups. As a result, the ratings on CACEIS are equalized with those on CASA and benefit from two notches of uplift from its stand-alone credit profile. The core status reflects our view that CACEIS' franchise and business remain central to CASA's plans and strategy. On a stand-alone basis, CACEIS enjoys a strong market position in securities services in France, as well...
Companies mentioned in this report are: CACEIS,Credit Agricole S.A.,Natixis 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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