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Caisse Nationale des Caisses d'Epargne et de Prevoyance Jul 08
Standard & Poors, July 2008
Abstract
Strong franchise in core domestic businesses Low risk profile due to overall strong asset quality and a focus on domestic retail banking Sound capitalization Position in low-growth and low-margin retail businesses Deteriorated operating efficiency Lower business and geographic diversification than for large universal banking peers Tough environment that hampers Natixis S.A.'s corporate and investment banking businesses The ratings on France-based Caisse Nationale des Caisses d'Epargne et de Pr-voyance (CNCE) reflect the creditworthiness of the Groupe Caisse d'Epargne (GCE), including its strong retail franchise, moderate risk profile, and sound capitalization, but also its deteriorated earnings capacity and operating efficiency. Standard & Poor's Ratings Services rates CNCE, the central body of GCE, based on analysis of the consolidated group, including GCE's stake...
Companies mentioned in this report are: Caisses d'Epargne Participations,Credit Foncier de France,Natixis S.A.,Coface S.A.,GCE Covered Bonds Programme
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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