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BRED - Banque Populaire Jun 11
Standard & Poors, June 2011
Abstract
Core member of Groupe BPCE. Good retail franchise in selected regions. Sound financial profile, supported by strong capitalization, sound funding profile, and resilient earnings. Conservative risk culture. Acquisitive strategy outside mainland France, entailing some execution and credit risks. Volatility in earnings stemming from material contribution from capital market activities. Some exposure to vulnerable business segments, such as small and midsize enterprises or entrepreneurs. The ratings on France-based BRED - Banque Populaire (BRED) are primarily based on the bank's core membership in the French cooperative banking group Groupe BPCE, of which BPCE (A+/Stable/A-1) is the central body and main funding bank. We consequently equalize the ratings on BRED with those of BPCE, which puts BRED's long-term rating one notch above its...
Companies mentioned in this report are: BRED-Banque Populaire,Natixis S.A.,BPCE
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.
Research Type: Full Analysis
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