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CACEIS SAS Sep 07
Standard & Poors, Sep 2007
Abstract
Significant support from the Cr-dit Agricole group and Natixis Strong market position in securities services in France Low risk profile Monoline business profile Still-moderate--albeit improving--profitability Competitive pressures of a rapidly consolidating business Just-adequate capitalization The ratings on CACEIS SAS rely on a consolidated analysis of French securities services provider, the CACEIS group (CACEIS). CACEIS SAS is the parent company of CACEIS. The ratings reflect CACEIS SAS' ownership by, high level of support from, and strong operational links with Cr-dit Agricole S.A. (CASA; AA-/Positive/A-1+) and Natixis S.A. (AA/Stable/A-1+), itself jointly owned by Groupe Caisse d'Epargne (GCE) and Groupe Banque Populaire (GBP). The ratings also recognize CACEIS' strong market position in securities services in France and low risk profile. Offsetting these factors...
Companies mentioned in this report are: CACEIS,Credit Agricole S.A.,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.
Research Type: Full Analysis
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