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BFBP Ratings Lowered To 'A+/A-1' On Weakened Financial Flexibility; Outlook Stable Oct 08
Standard & Poors, Oct 2008
Abstract
PARIS (Standard & Poor's) Oct. 27, 2008--Standard & Poor's Ratings Services said today that it lowered to 'A+/A-1' from 'AA-/A-1+' its long- and short-term counterparty credit ratings on France-based Banque F-d-rale des Banques Populaires (BFBP), the central body of the Banque Populaire cooperative banking group. The outlook is stable. Standard & Poor's 'AAA' ratings on covered bonds that Banques Populaires Covered Bonds has issued are unaffected by today's rating action. 'The downgrade reflects our expectation that BFBP's core subsidiary, Natixis S.A., will show lower earnings resilience in the coming quarters because of persistently weak operating conditions,' said Standard & Poor's credit analyst Aurelie Thiellet, adding that 'weakened prospects for French retail banking will, in our opinion, reduce the group's ability...
Companies mentioned in this report are: Banque Federale des Banques Populaires,Natixis S.A.
Action: Downgraded
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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