Summary: Natixis S.A. Dec 08
Standard & Poors, December 2008
Abstract
The ratings on Natixis S.A., a jointly controlled subsidiary of Groupe Banque Populaire (GBP) and Groupe Caisse d'Epargne (GCE), reflect the view of Standard & Poor's Ratings Services that the bank is a core entity of GBP and GCE. The respective central bodies of the two groups, Banque F-d-rale des Banques Populaires (BFBP) and Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE), are both rated A+/Stable/A-1. The ratings also take into account demonstrated combined strong support from the two parent groups. Natixis has solid strategic, operational, and financial links to GBP and GCE. It centralizes most of the two networks' activities other than retail banking, including corporate and investment banking (CIB), asset management, custody, insurance, and a diversified array...
Companies mentioned in this report are: Natixis S.A.,Banque Federale des Banques Populaires,Caisses d'Epargne Participations
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.
Natixis S.A.,Banque Federale des Banques Populaires,Caisses d'Epargne Participations
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