Summary: BPCE Apr 11
Standard & Poors, April 2011
Abstract
BPCE is the main funding bank and the central body of the French cooperative banking group Groupe BPCE. The ratings on BPCE reflect its core membership in Groupe BPCE, which resulted from the summer 2009 alliance between Groupe Banque Populaire (GBP) and Groupe Caisse d'Epargne (GCE). In our opinion, Groupe BPCE's ratings strengths rely on its prominent position in retail banking in France and overall moderate risk profile. Weighing on BPCE's stand-alone ratings are, in our view, the large and risky legacy portfolio of core subsidiary Natixis S.A. (A+/Stable/A-1). Although the group's near-term earnings prospects stand below its underlying capabilities, we are of the view that Groupe BPCE's risk-adjusted earnings are adequate. The alliance between GBP and GCE is on...
Companies mentioned in this report are:
- BPCE
- Credit Foncier de France
- Natixis S.A.
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.
- BPCE
- Credit Foncier de France
- Natixis S.A.
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