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BULLETIN: Cr?dit Agricole May Acquire 90% of Pinault Printemps Redoute's Finance Co. Finaref Oct 02
Standard & Poors, Oct 2002
Abstract
Standard & Poor's Ratings Services said today that the announcement by CrStandard & Poor's Ratings Services said today that the announcement by Cr-dit Agricole S.A. (AA/Stable/A-1+) that it has entered into exclusive talks with Pinault Printemps Redoute S.A. regarding the potential acquisition of 90% of the capital in the latter's profitable French consumer-finance subsidiary, Finaref (-4.3 billion in outstanding credits), will have no impact on the French bank's ratings or outlook. The potential acquisition is in line with Cr-dit Agricole's strategy of strengthening its already robust French and European consumer-finance franchises. Despite the significant goodwill expected to be generated by this transaction of more than -2.2 billion, the acquisition of Finaref should have only a limited impact on Cr-dit Agricole's consolidated financial profile. ANALYST E-MAIL ADDRESSES bernard_delongevialle@standardandpoors.com yves_burger@standardandpoors.com FIG_Europe@standardandpoors.com...
Companies mentioned in this report are: Credit Agricole S.A.,PPR S.A.
Action: S&P Event
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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