Research Update: French Bank BPCE And Most Core Subsidiaries 'A+/A-1' Ratings Affirmed On Bank Criteria Change; Outlook Stable Nov 11
Standard & Poors, November 2011
Abstract
Following a review under Standard & Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our 'A+/A-1' long- and short-term ratings on BPCE and most of its core subsidiaries. The ratings on BPCE's perpetual subordinated debt were lowered to 'BBB-' from 'BBB', and the rating on its dated subordinated debt was lowered to 'BBB+' from 'A'. Other rating actions on debt issues and subsidiaries are listed below. Our ratings on BPCE are based on its core membership in Groupe BPCE. The anchor for BPCE is 'a-'. We view Groupe BPCE as having a strong business position, moderate capital and earnings, adequate risk position, average funding, and adequate liquidity, as our criteria define these terms. The long-term rating on...
Companies mentioned in this report are:
- BPCE
- Credit Foncier de France
- Natixis S.A.
- Locindus S.A.
- BRED - Banque Populaire
- Natixis Financial Products LLC
- Natixis U.S. Finance Co. LLC
- Compagnie Europeenne de Garanties et Cautions
- Natexis Banques Populaires Capital Trust III
- Natixis Australia Pty Ltd.
- Natixis Funding S.A.
Action: Affirmed
Action: Outlook: Stable
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- BPCE
- Credit Foncier de France
- Natixis S.A.
- Locindus S.A.
- BRED - Banque Populaire
- Natixis Financial Products LLC
- Natixis U.S. Finance Co. LLC
- Compagnie Europeenne de Garanties et Cautions
- Natexis Banques Populaires Capital Trust III
- Natixis Australia Pty Ltd.
- Natixis Funding S.A.
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