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Bulletin: Natixis, BFBP, CNCE Ratings Unchanged After Announcement Of First-Half 2008 Loss For Natixis Aug 08
Standard & Poors, Aug 2008
Abstract
PARIS (Standard & Poor's) Aug. 29, 2008--Standard & Poor's Ratings Services said today that its ratings on Natixis S.A. and parent shareholders Banque F-d-rale des Banques Populaires (BFBP) and Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE), all AA-/Stable/A-1+, remain unchanged after the announcement that Natixis posted a -948 million loss in first-half 2008. We had expected and had already factored in the loss, mainly resulting from a pretax -1.5 billion in additional write-downs on U.S. subprime and monoline insurer exposure in second-quarter 2008. This performance also drives down the results of both Groupe Banque Populaire (GBP) and Groupe Caisse d'Epargne (GCE)--whose central bodies are BFBP and CNCE. Considering the coverage level that Natixis has reached, the potential for...
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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