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Natixis Downgraded To ?A+/A-1? On Lower Earnings Prospects; Outlook Stable Oct 08

  • ID: 2045228
  • October 2008
  • Standard & Poors
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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.

Action: Downgraded

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: News
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- Natixis S.A.

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