Natixis Downgraded To ?A+/A-1? On Lower Earnings Prospects; Outlook Stable Oct 08
- ID: 2045228
- October 2008
- Standard & Poors
PARIS (Standard & Poor's) Oct. 27, 2008--Standard & Poor's Ratings Services said today that it has lowered to 'A+/A-1' from 'AA-/A-1+' its long-term and short-term counterparty credit ratings on Natixis S.A. The outlook is stable. At the same time, we downgraded the rating on all of Natixis' junior subordinated debt to 'BBB+' from 'A' because of the increased probability--reflected in the lower long-term rating--that it would not pay dividends, although this is unlikely and inconsistent with the bank's policy. "The rating action on the counterparty credit ratings reflects downgrades today of Natixis' two parent companies, Caisse Nationale des Caisses d'Epargne et de Prévoyance (CNCE) and Banque Fédérale des Banques Populaires (BFBP), primarily because of a combination of domestic earnings pressure...
Companies mentioned in this report are:
- Natixis S.A.
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