Crédit Mutuel Group's Banks Downgraded To 'A+/A-1'; Earnings, Capital Impact; Outlook Stable Oct 08

Standard & Poors, October 2008

Abstract
PARIS (Standard & Poor's) Oct. 21, 2008--Standard & Poor's Ratings Services said today that it has lowered its long- and short-term counterparty credit ratings to 'A+/A-1' from 'AA-/A-1+' on France-based Banque Fédérative du Crédit Mutuel (BFCM) and related entities Caisse Centrale du Crédit Mutuel (CCCM) and Compagnie Financière du Crédit Mutuel (CFCM), which all belong to Groupe Crédit Mutuel. All of the outlooks are stable. We have removed the ratings from CreditWatch, where they had been placed with negative implications on July 11, 2008. The resolution comes with the near completion of BFCM's acquisition of 100% of Citigroup's stake in Citibank Deutschland, which operates mainly in the consumer credit business. "The downgrade reflects the significant negative effects of this transaction...

Companies mentioned in this report are:
- Banque Federative du Credit Mutuel

Action: Downgraded
Action: Outlook: Stable
Action: Removed From CreditWatch

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.

- Banque Federative du Credit Mutuel

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