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Rating Action:

MOODY'S ATTRIBUE UNE NOTATION DE SOLIDITE FINANCIERE A 27 BANQUES FRANCAISES

30 Aug 1995
MOODY'S ATTRIBUE UNE NOTATION DE SOLIDITE FINANCIERE A 27 BANQUES FRANCAISES Paris, 08-30-95 -- Moody's Investors a attribu‚ des Notations de Solidit‚ FinanciŠre (Bank Financial Strengths Ratings ou ® BFSRs ¯) a 27 banques et institutions financiŠres sp‚cilis‚es fran‡aises dont les d‚p“ts sont not‚s par Moody's. Afin de se diff‚rencier des traditionnelles notations allant de Aaa … C, les Notations de Solidit‚ FinanciŠres utilisent une ‚chelle de lettres allant de A (® exceptionnel ¯) … E (® trŠs faible ¯). Les d‚finitions complŠtes sont reprises ci-dessous.
Les Notations de Solidit‚ FinanciŠre assign‚es aux banques Fran‡aises sont les suivantes (la liste des notations de d‚p“ts est ‚galement indiqu‚e):
Notation de Solidit‚ FinanciŠre Notation de D‚p“ts
Banque de R‚escompte et de Placement (Barep) D+ A1
Banque F‚d‚rative du Cr‚dit Mutuel (BFCM) B Aa3
Banque Fran‡aise du Commerce Ext‚rieur (BFCE) D+ A3
Banque Hervet D+ Baa1
Banque Indosuez C A2
Banque Internationale de Placement (BIP) C Aa3
Banque Nationale de Paris (BNP) B Aa3
Banque Paribas C+ A1
Banque R‚gionale d'Escompte et de D‚p“ts (BRED) D+ Aa3
Banque Rivaud D Baa2
Banque San Paolo D+ Baa1
Banque Worms D Baa1
Caisse Centrale des Banques Populaires (CCBP) B Aa3
Caisse Nationale de Cr‚dit Agricole B+ Aa1
Compagnie Bancaire B Aa3
Cr‚dit Commercial de France (CCF) B Aa3
Cr‚dit Foncier de France (CFF) C+ Aa2( obligations fonciŠres)
Cr‚dit Local de France (CLF) A Aaa
Credit Lyonnais D A3
Cr‚dit Mutuel de Loire Atlantique C+ Aa3
Cr‚dit Mutuel de Maine-Anjou Basse Normandie C+ Aa3
Cr‚dit Mutuel du Centre C+ Aa3
Cr‚dit National C+* Aa3*
Soci‚t‚ G‚n‚rale B+ Aa2
Sogenal C+ P-1 ( note court-terme)
Union Europ‚enne du CIC C A2
Via Banque D* A3*

* sous surveillance pour abaissement possible



Les Notations de Solidit‚ FinanciŠre ont pour but de fournir aux investisseurs une mesure de la s‚curit‚ et de la solidit‚ financiŠre intrinsŠque d'une banque et sont sp‚cifiques … chaque entit‚ juridique. Contrairement aux notations de dettes ou de d‚p“ts, le but des Notations de Solidit‚ FinanciŠre n'est pas d'‚valuer le risque r‚el de pertes -- d‚fini comme la probabilit‚ qu'une banque ne puisse assurer le paiement ponctuel de ses d‚p“ts ou de ses obligations. Plut“t, les Notations de Solidit‚ FinanciŠre ont pour objet de fournir un indicateur de comparaison de la qualit‚ de cr‚dit intrinsŠque d'un ‚tablissement sans consid‚ration d'‚l‚ments externes; ainsi les Notations de Solidit‚ FinanciŠre doivent ˆtre consid‚r‚es par les investisseurs comme une composante des notations traditionnelles de dette ou de d‚p“ts. Moody's souligne donc que les Notations de Solidit‚ FinanciŠre ne remplacent en aucun cas les notations traditionnelles ni n'en diminuent leur valeur.
L'introduction des Notations de Solidit‚ FinanciŠre a ‚t‚ d‚cid‚e afin de r‚pondre aux nombreuses demandes d'investisseurs -- particuliŠrement les intervenants sur les march‚s interbancaires et les d‚partements d'analyse des risques de contrepartie -- qui sollicitent fr‚quemment l'opinion de Moody's sur ce que serait la notation d'un ‚tablissement sans prise en compte des ‚l‚ments ext‚rieurs comme les m‚canismes de solidarit‚, le soutien de l'actionnariat ou l'appartenance … un groupe. Dans la mesure o— les notations classiques de banques tiennent souvent compte des facteurs externes, des banques ayant des notations de d‚p“ts identiques peuvent ainsi avoir des Notations de Solidit‚ FinanciŠre diff‚rentes. Cela arrive souvent dans deux cas de figure: (1) dans les pays ayant des plafonds de dettes souveraines bas, les notations traditionnelles des banques en bonne condition financiŠre sont limit‚es par ce plafond; (2) quand les notations de d‚p“ts des banques de sant‚ moyenne intŠgrent dans une certaine mesure la probabilit‚ d'un soutien ext‚rieur en provenance de l'actionnariat ou organis‚ par les pouvoirs publics.
La publication des ces Notations de Solidit‚ FinanciŠre (® BFSRs ¯) pour les banques fran‡aises s'inscrit dans la strat‚gie de Moody's annonc‚e en Novembre dernier, qui consiste … attribuer des BFSRs … 600 banques dans le monde dont les d‚p“ts sont d‚j… not‚es par Moody's. Les BFSRs sont attribu‚s pays par pays dans chacun des 40 pays -- dont 16 pays europ‚ens -- qui ont des institutions not‚es par Moody's. Comme les autres notations de Moody's, les BFSRs permettent de faire des comparaisons d'un pays … un autre et d'une monnaie … l'autre; leur signification sera ‚galement coh‚rente dans le temps.
A l'instar des notations traditionnelles de Moody's, les BFSRs seront … la disposition du public, … travers les centres d'information Moody's, les publications et les communiqu‚s de presse. Les changements de notations seront ‚galement annonc‚s publiquement.


D‚finitions des Notations de Solidit‚ FinanciŠre de Moody's

Les Notations de Solidit‚ FinanciŠre de Moody's repr‚sentent l'opinion de Moody's sur la s‚curit‚ et la sant‚ intrinsŠques d'une banque et de ce fait, excluent certains risques et ‚l‚ments de soutien externes qui sont pris en consid‚ration dans les notations traditionnelles de Moody's de dette et de d‚p“ts. A la diff‚rence des notations de dette, les Notations de Solidit‚ FinanciŠres ne cherchent pas … ‚valuer la probabilit‚ du paiement ponctuel des sommes dues. Plut“t les Notations de Solidit‚ FinanciŠre peuvent ˆtre consid‚r‚es comme une mesure de la probabilit‚ qu'une banque ait besoin de solliciter un soutien ext‚rieur, tel que de ses actionnaires, des banques de la place ou des pouvoirs publics. Les Notations de Solidit‚ FinanciŠre ne prennent pas en consid‚ration ni la probabilit‚ que la banque re‡oive effectivement ce soutien, ni les risques provenant de d‚cisions prises par l'‚tat o— elle est domicili‚e qui pourraient empˆcher la banque d'honorer ses obligations, domestiques ou en devises ‚trangŠres.
Les facteurs pris en compte dans l'attribution de Notations de Solidit‚ FinanciŠre inclut des ‚l‚ments sp‚cifiques … la banque, comme les fondamentaux financiers, l'assise commerciale et la diversit‚ de l'activit‚ et des actifs. Bien que les Notations de Solidit‚ FinanciŠre excluent les facteurs externes cit‚s ci-dessus, ils prennent en consid‚ration l'environnement dans lequel opŠre l'institution, comme la situation de l'‚conomie, actuelle et prospective, la structure et les fragilit‚s relatives du secteur financier, aussi bien que la qualit‚ de la r‚glementation, de la surveillance et du contr“le du systŠme bancaire.

Les d‚finitions de Notation de Solidit‚ FinanciŠre Moody's (qui ont ‚t‚ l‚gŠrement r‚vis‚es depuis leur annonce en Novembre 1994) sont les suivantes:

A
Les ‚tablissements not‚s A ont une exceptionnelle solidit‚ financiŠre intrinsŠque. En rŠgle g‚n‚rale, ce sont les institutions les plus importantes ayant une assise commerciale de grande qualit‚, d'excellents fondamentaux financiers, et exer‡ant leurs m‚tiers dans un environnement op‚rationnel trŠs attrayant et stable.

B
Les ‚tablissements not‚s B ont une situation financiŠre intrinsŠque forte. En rŠgle g‚n‚rale, ce sont des institutions importantes ayant une bonne assise commerciale, de solides fondamentaux financiers dans un environnement attrayant et stable.

C
Les ‚tablissements not‚s C ont une bonne situation financiŠre intrinsŠque. En rŠgle g‚n‚rale, ce sont des institutions ayant une bonne assise commerciale, qu'ils sont en mesure de d‚fendre. Ces ‚tablissements seront caract‚ris‚s par des fondamentaux financiers acceptables dans un environnement op‚rationnel stable, ou par des fondamentaux financiers sup‚rieurs … la moyenne dans un environnement op‚rationnel instable.

D
Les ‚tablissements not‚s D ont une situation financiŠre intrinsŠque ad‚quat, mais peuvent ˆtre limit‚s par un ou plusieurs des facteurs suivants: unes assise commerciale vuln‚rable ou en voie de d‚veloppement; des fondamentaux financiers faibles; ou un environnement op‚rationnel instable.

E
Les ‚tablissements not‚s E ont une situation financiŠre intrinsŠque trŠs faible, n‚cessitant un support externe p‚riodique ou sugg‚rant un besoin d'une assistance externe dans l'avenir. Ces institutions peuvent ˆtre limit‚es par un ou plusieurs des facteurs suivants: une assise commerciale de valeur incertaine; des fondamentaux financiers fortement alt‚r‚s d'une ou plusieurs maniŠres; ou un environnement op‚rationnel trŠs instable.

Modificateurs
Si besoin est, un "+" peut ˆtre ajout‚ aux notations au dessous du niveau A pour distinguer favorablement les banques les plus fortes dans la cat‚gorie.

No Related Data.
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