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Bulletin: Ratings On Natixis, CNCE, and BFBP Unchanged Following Natixis' Write-Downs, Capital Increase Jul 08
Standard & Poors, July 2008
Abstract
PARIS (Standard & Poor's) July 17, 2008--Standard & Poor's Ratings Services said today that its ratings on Natixis S.A. (AA-/Stable/A-1+) and parent shareholders Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE) and Banque F-d-rale des Banques Populaires (BFBP), both rated AA-/Stable/A-1+, remain unchanged after the announcement that Natixis will register -1.5 billion before tax in additional write-downs for the second quarter 2008, and launch a subsequent capital increase of -3.7 billion. Both parent shareholders are committed to fully underwrite the increase if minority shareholders do not subscribe. Natixis' Tier 1 ratio should stand at a satisfactory 9% after the capital increase. Such huge impairments remain consistent with current ratings expectations. We consider the coverage of monolines to be prudent....
Companies mentioned in this report are: Natixis S.A.,Banque Federale des Banques Populaires,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.
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