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Rating Action:

MOODY'S CONFIRME LES NOTATIONS Aaa/P-1 DE LA CDC, LES NOTATIONS Aaa/P-1 GARANTIES DE CDC IXIS ET DE SES FILIALES, AINSI QUE LES NOTATIONS Aa2/P-1 DE LA CAISSE NATIONALE DES CAISSES D'EPARGNE

26 Jun 2001
MOODY'S CONFIRME LES NOTATIONS Aaa/P-1 DE LA CDC, LES NOTATIONS Aaa/P-1 GARANTIES DE CDC IXIS ET DE SES FILIALES, AINSI QUE LES NOTATIONS Aa2/P-1 DE LA CAISSE NATIONALE DES CAISSES D'EPARGNE Moody's Investors Service a confirmé aujourd'hui à Aaa/Prime-1 les notations de dettes et de dépôts de la Caisse des Dépôts et Consignations (CDC) et de ses filiales garanties CDC Ixis et CDC Ixis Capital Markets. Moody's a également confirmé à Aa2/Prime-1 les notations de dettes et de dépôts de la Caisse Nationale des Caisses d'Épargne et de Prévoyance (CNCE), ainsi que les notations de dépôts Aa3/Prime-1 de sa filiale le Crédit Foncier de France (CFF). Les notations de solidité financière de la CNCE, du CFF, de CDC Ixis et de CDC Ixis Capital Markets ont par ailleurs été confirmées respectivement à C+, D, C+ et C.


Ces décisions font suite à l'annonce d'une alliance entre la CDC et le groupe des Caisses d'Épargne, prévoyant la création d'une société holding, détenue et gérée à parité par les deux partenaires, ayant vocation à contrôler leurs intérêts communs dans la banque de détail, la banque d'investissement, la gestion d'actifs, l'assurance et l'immobilier. Cette holding commune devrait notamment contrôler au moins 51% de CDC Ixis et ses filiales CDC Ixis Capital Markets et CDC Ixis Asset Management, après apport par la CNCE des participations détenues dans ces entreprises. Parallèlement, la CNCE transfèrera 40% du capital du Crédit Foncier de France ainsi que ses participations dans ses filiales présentes dans le domaine de la banque de détail, l'immobilier et l'assurance, bien qu'à ce stade, les participations majoritaires détenues par la CDC et la CNCE dans la Caisse Nationale de Prévoyance (CNP), le principal assureur vie français, n'entrent pas dans le périmètre de l'alliance. Enfin, la nouvelle société holding devrait également détenir des certificats coopératifs d'investissements émis par les Caisses d'Épargne régionales, scellant ainsi les liens de l'alliance avec le réseau de distribution de proximité des Caisses d'Épargne, l'un des plus importants en France.


Moody's a indiqué que le rapprochement d'une partie significative des activités des deux groupes ainsi qu'une coopération stratégique et opérationnelle plus étroite pourrait avoir à terme des incidences positives sur leurs fonds de commerce respectifs et leur rentabilité. L'alliance pourra exploiter les positions très fortes des deux institutions dans le domaine des services financiers aux particuliers et aux institutionnels - notamment dans la collecte et la gestion de l'épargne - et disposera de ressources financières significatives pour financer son développement. Tempèrant toutefois ces atouts, Moody's a également souligné le défi managérial que constitue cette alliance - en dépit des liens historiques étroits qui unissent les deux institutions - dans la mesure où tant la CDC que le groupe des Caisses d'Épargne ont de fortes cultures d'entreprise et viennent toutes deux de réaliser des réorganisations majeures.


Enfin, malgré les profonds changements et les opportunités nouvelles qui pourraient à plus long terme résulter de cette alliance pour les deux partenaires, Moody's a indiqué que les éléments sous-tendant les notations des différentes entités impliquées dans ce rapprochement n'en étaient pas affectés, dans la mesure où cette opération ne doit pas être considérée comme une fusion bancaire complète. D'une part, outre le solide fonds de commerce de banque de détail des Caisses d'Épargne, leur bonne solvabilité et leur profil de risque faible, les notations de dettes de la CNCE reflètent déjà ses relations privilégiées avec la CDC et la participation que cette dernière détient à son capital. D'autre part, la mise en œuvre de l'alliance ne modifie en rien le statut d'établissement public de la CDC, tandis que les mécanismes de garantie qui sous-tendent les notations de CDC Ixis et CDC Ixis Capital Markets restent inchangées suite au rapprochement en cours. Enfin, les notations du Crédit Foncier continuent de bénéficier du soutien du groupe des Caisses d'Épargne.


Les notations suivantes ont été confirmées :

Caisse des Dépôts et Consignations - dettes et dépôts à long terme à Aaa, dettes et dépôts à court terme à Prime-1;

Caisse Nationale des Caisses d'Epargne et de Prévoyance - dettes et dépôts à long terme à Aa2, dettes subordonnées à Aa3, dettes et dépôts à court terme à Prime-1 et solidité financière à C+;

Crédit Foncier de France - dépôts à long terme à Aa3, dettes subordonnées à A1, dépôts à court terme à Prime-1 et solidité financière à D;

L'Auxiliaire du Crédit Foncier - dettes subordonnées garanties par le Crédit Foncier de France à A1;

CDC Ixis - dettes et dépôts à long terme garantis par la Caisse des Dépôts et Consignations à Aaa, dettes et dépôts à court terme garantis par la Caisse des Dépôts et Consignations à Prime-1 et solidité financière à C+;

CDC Ixis Capital Markets - dettes et dépôts à long terme garantis par la CDC Ixis à Aaa, dettes et dépôts à court terme garantis par la CDC Ixis à Prime-1 et solidité financière à C;

CDC Financial Products - notation d'émetteur à long terme garantie par CDC Ixis à Aaa, notation d'émetteur à court terme garantie par CDC Ixis à Prime-1;

CDC Funding Corporation - notation d'émetteur à long terme garantie par CDC Ixis à Aaa, notation d'émetteur à court terme garantie par CDC Ixis à Prime-1;

CDC Commercial Paper Corp. - papier commercial US garanti par CDC Ixis à Prime-1.


La Caisse des Dépôts et Consignations est une institution détenue par l'état ayant son siège à Paris. Au 31 décembre 2000, le total d'actif de la Section Centrale de la CDC s'établissait à EUR270 milliards. Ayant son siège à Paris, la Caisse Nationale des Caisses d'Épargne et de Prévoyance est l'entité centrale et le principal véhicule de refinancement du groupe des Caisses d'Épargne. Au 31 décembre 2000, le groupe présentait un total d'actif de EUR264 milliards.

No Related Data.
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