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Banque Federative du Credit Mutuel Dec 09
Standard & Poors, Dec 2009
Abstract
Strong franchise in French retail banking and insurance market. Moderate risk profile, benefiting from the large proportion of low-risk residential-housing lending. Satisfactory risk-adjusted capitalization. Just adequate retail profitability. Significant increase in cost of credit risk to still below average levels. Challenge to integrate sizable acquisitions in higher-risk consumer financing. Potential remaining sensitivity to market volatility stemming from legacy securitization portfolio. The ratings on Banque F-d-rative du Cr-dit Mutuel (BFCM) are based on its core position as the funding arm of the French regional retail banking group Cr-dit Mutuel Centre Est Europe - Cr-dit Industriel et Commercial--newly renamed CM5-CIC, since the Cr-dit Mutuel Midi-Atlantique federation (CMMA) joined former CM4-CIC on Jan. 1, 2009. In Standard & Poor's Ratings Services' view, BFCM's...
Companies mentioned in this report are: Banque Federative du Credit Mutuel,Credit Industriel et Commercial,Cofidis S.A.,Caisse Centrale du Credit Mutuel
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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