Summary: Natixis S.A. Dec 07
Standard & Poors, December 2007
Abstract
The ratings on France-based Natixis S.A., a jointly controlled subsidiary of Groupe Caisse d'Epargne and Groupe Banque Populaire, reflect the view of Standard & Poor's Ratings Services that the bank is a core entity of GCE (whose central body, Caisse Nationale des Caisses d'Epargne et de Pr-voyance {CNCE} is rated AA/Negative/A-1+) and GBP (whose central body, Banque F-d-rale des Banques Populaires {BFBP}, is rated AA-/Stable/A-1+). The ratings also take into account the combined strong support of the two parent groups. In November 2007, CNCE and BFBP illustrated their willingness to provide support by injecting $1.5 billion of capital into Natixis' financial guaranty reinsurance activities, collectively known as CIFG, and encompassing CIFG GUARANTY (AAA/Negative/--), CIFG Europe (AAA/Negative/--), and CIFG Assurance North...
Companies mentioned in this report are: Natixis S.A.,Banque Federale des Banques Populaires,Caisses d'Epargne Participations,Coface S.A.,IXIS Corporate & Investment Bank,Compagnie Europeenne de Garanties et Cautions,CACEIS
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.
Natixis S.A.,Banque Federale des Banques Populaires,Caisses d'Epargne Participations,Coface S.A.,IXIS Corporate & Investment Bank,Compagnie Europeenne de Garanties et Cautions,CACEIS
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