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Capital Injection Is Demonstration Of Ownership Support Of CIFG?s 'AAA' Rating Nov 07
Standard & Poors, Nov 2007
Abstract
NEW YORK (Standard & Poor's) Nov. 26, 2007--On Nov. 22, 2007, Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE, 'AA/A-1+'/Negative) and Banque F-d-rale des Banques Populaires (BFBP, 'AA-/A-1+'/Stable) announced that they will inject $1.5 billion of capital into CIFG to support its 'AAA' rating. In addition, CNCE and BFBP have begun the process that should lead to the purchase of Natixis S.A.'s ('AA/A-1+'/Negative) current investment in CIFG. The capital investment is, according to CIFG, in response to concerns raised in the market of potential losses relating to CIFG's subprime exposure and the impact these potential losses could have on the company's financial strength rating. Standard & Poor's Ratings Services notes that its ratings of CIFG Guaranty, CIFG Assurance North...
Companies mentioned in this report are: CIFG Assurance North America Inc.,Natixis S.A.,Banque Federale des Banques Populaires,Caisses d'Epargne Participations,CIFG GUARANTY,CIFG Europe
Action: General Comment
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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