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Bulletin: Banque Federative du Credit Mutuel Ratings Unchanged After Announcement Of Bid For Cofidis Oct 08
Standard & Poors, Oct 2008
Abstract
PARIS (Standard & Poor's) Oct. 30, 2008--Standard & Poor's Ratings Services said today that its ratings and outlook on France-based Banque F-d-rative du Cr-dit Mutuel (BFCM; A+/Stable/A-1) remain unchanged following the announcement yesterday that it has agreed with mail-order business 3 Suisses International (3SI) to enter into exclusive negotiations with a view to possibly acquiring a controlling stake in Cofidis Participations, the parent company of French consumer finance provider Cofidis S.A. (Cofidis; BBB+/Watch Pos/A-2). The ratings on 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 (CM4-CIC). In our view, the transaction would benefit CM4-CIC's business and earnings diversification, as the...
Companies mentioned in this report are: Banque Federative du Credit Mutuel,Cofidis S.A.
Action: Bulletin
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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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