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Rating Action:

MOODY'S ATTRIBUE LES NOTATIONS DE DEPÔT Baa1/Prime-2 A ODDO & CIE

03 May 2001
MOODY'S ATTRIBUE LES NOTATIONS DE DEPÔT Baa1/Prime-2 A ODDO & CIE Moody's Investors Service a attribué à Oddo & Cie les notations de dépôts à long et court terme Baa1/Prime-2, avec une perspective stable. Moody's a indiqué que ces notations reflètent le bon positionnement de la société dans l'intermédiation boursière en France et la rentabilité de son fonds de commerce de niche en banque privée, ainsi qu'une stratégie et un profil de risque calibrés, des indicateurs de rentabilité solides et un niveau de capitalisation élevé. A leur niveau, les notations intègrent également la participation minoritaire détenue dans Oddo et l'engagement stratégique des Assurances Générales de France (AGF), filiale d'Allianz. Ces forces sont tempérées par des ressources comparativement plus limitées par rapport à ses concurrents de plus grande taille et un profil de résultats potentiellement plus volatil.

Oddo est, en France, la plus grande maison de titres indépendante offrant aux investisseurs institutionnels des services de courtage de titres, de tenue de marché d'options négociables et de gestion d'actifs, ainsi que des services de gestion de patrimoine destinés aux particuliers. L'entreprise est également devenue un acteur significatif en matière d'introductions en bourse sur le Nouveau Marché. En tant qu'entreprise d'investissement, Oddo est soumise au contrôle de la Commission Bancaire et est tenue de respecter les ratios de solvabilité réglementaires.

Moody's a souligné que si les métiers d'intermédiation d'Oddo restent au cœur de son fonds de commerce et sa principale source de rentabilité, la diversité de son portefeuille d'activités et le développement croissant de ses activités de collecte d'épargne et de gestion de patrimoine sont des facteurs importants sous-tendant ses notations. Ses activités de courtage devraient bénéficier de l'internationalisation croissante de sa clientèle institutionnelle. Par ailleurs, la société développe progressivement son panel de produits et services et sa capacité de distribution orientés vers une clientèle aisée de particuliers. Ayant tiré partie d'un contexte boursier favorable ces dernières années, Oddo affiche une forte croissance de ses revenus et une rentabilité pondérée par le risque élevée. De même, la solidité de sa structure de financement, la qualité de ses sources de liquidités de substitution compense sa dépendance à l'égard des marchés en termes de financement. Enfin, même si le groupe des AGF ne peut être tenu responsable des décisions de gestion d'Oddo ou de ses engagements financiers, Moody's estime que le fait que le groupe d'assurance soit un partenaire et actionnaire minoritaire important rend crédit à la stratégie menée par la société et apporte un élément de support institutionnel pris en compte dans les notations de la société à leur niveau actuel.


Moody's a toutefois souligné que le chiffre d'affaires d'Oddo reste sensible à la santé et la volatilité des marchés boursiers. Par ailleurs, malgré la politique de gestion conservatrice de la société, son appétit de risque calibré et la qualité de son dispositif de contrôle interne, ses activités d'arbitrage et de trading ont implicitement un effet de levier financier plus élevé et une rentabilité plus difficile à prévoir. Moody's a également souligné que, bien que se concentrant sur certaines niches d'activité et ne cherchant nullement à rivaliser avec les grandes banques d'investissement, qui peuvent jouir de ressources financières et opérationnelles plus abondantes, Oddo devra relever le défi que constitue à long terme le processus croissant de concentration du secteur des services financiers aujourd'hui en Europe, pour préserver la qualité de son fonds de commerce et sa solide rentabilité.


Les notations suivantes ont été attribuées :

Oddo & Cie - notation de dépôt long terme à Baa1, notation de dépôt court terme à Prime-2.


Basée à Paris, Oddo & Cie affichait au 31 décembre 2000 un total d'actifs de 2.3 Milliards d'euros.
No Related Data.
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