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26 Jun 2001
MOODY'S CONFIRMS THE Aaa/P-1 RATINGS OF CDC, THE Aaa/P-1 GUARANTEED RATINGS OF CDC IXIS AND ITS AFFILIATES AS WELL AS THE Aa2/P-1 RATINGS OF CAISSE NATIONALE DES CAISSES D'EPARGNE
Approximately Euro 21 billion of debts are affected
Paris, June 26, 2001 -- Moody's Investors Service confirmed today the Aaa/Prime-1 debt
and deposit ratings of Caisse des Depôts et Consignations
(CDC) and of its guaranteed affiliates CDC Ixis and CDC Ixis Capital Markets.
Moody's also confirmed the Aa2/Prime-1 debt and deposit ratings
of Caisse Nationale des Caisses d'Epargne et de Prevoyance (CNCE),
and the Aa3/Prime-1 deposit ratings of its subsidiary Credit
Foncier de France (CFF). The bank financial strength ratings of
CNCE, CFF, CDC Ixis and CDC Ixis Capital Markets were also
confirmed at C+, D, C+ and C respectively.
These rating actions follow the announcement of an alliance between CDC
and CNCE which will entail the creation of a holding company, jointly
owned and managed by the two institutions, which will control their
joint interests in retail banking, investment banking, asset
management, insurance and real estate. The holding company
should notably control at least 51% of CDC Ixis and its affiliates
CDC Ixis Capital Markets and CDC Ixis Asset Management, after contribution
of the equity interests held by CNCE. Simultaneously, CNCE
will transfer 40% of the capital of Credit Foncier de France
as well as its ownership interests in affiliates active in retail banking,
real estate and insurance, although at this stage, the controlling
stakes held by CDC and CNCE in Caisse Nationale de Prevoyance (CNP),
France's leading life insurer, will not be encompassed in the scope
of the alliance. Finally, the new holding company should
also acquire non-voting shares in the capital of the regional Savings
Banks, biding the joint venture to the retail distribution network
of the Savings Banks, one of the largest in France.
Moody's commented that the combination of a significant portion of the
two groups' activities and closer operational and strategic integration
could have long-term positive implications on their business franchise
and earning power. The joint venture could leverage major domestic
positions in retail and institutional financial services - notably
in savings collection and management - and rely on significant
financial resources to fund its expansion. Mitigating these benefits,
Moody's also noted the challenges of managing the alliance - despite
the two institutions close historical ties - as both CDC and the
Savings Banks group have strong corporate cultures and have also just
completed major reorganizations.
Furthermore, despite the major changes and opportunities that the
new joint venture may bode for the two partners over the longer term,
Moody's also said that the rationale supporting their current ratings
remained unaffected, as the transaction should not be viewed as
a full bank merger. On the one hand, the debt ratings of
CNCE already fully factor the key relationship with and partial ownership
by CDC, in addition to the Savings Banks strong retail domestic
franchise, good economic capitalisation and low risk profile.
On the other hand, the implementation of the alliance does not modify
CDC's public status and ownership, while the guarantee framework
underpinning the ratings of CDC Ixis and CDC Ixis Capital Markets remains
unaffected by the transaction. Finally, the ratings of Credit
Foncier continue to benefit from the support of the Savings Banks group.
The following ratings were confirmed:
Caisse des Depôts et Consignations - long-term
debts and deposits at Aaa, short-term debts and deposits
Caisse Nationale des Caisses d'Epargne et de Prevoyance -
long-term debts and deposits at Aa2, subordinated debts at
Aa3, short-term debts and deposits at Prime-1 and
bank financial strength at C+;
Credit Foncier de France - long-term deposits at
Aa3, subordinated debts at A1, short-term deposits
at Prime-1 and bank financial strength ratings at D;
L'Auxiliaire du Credit Foncier - subordinated debts guaranteed
by Credit Foncier de France at A1;
CDC Ixis - long-term debts and deposits guaranteed by Caisse
des Depôts et Consignations at Aaa, short-term
debts and deposits guaranteed by Caisse des Depôts et Consignations
at Prime-1, and bank financial strength at C+;
CDC Ixis Capital Markets - long-term debts and deposits
guaranteed by CDC Ixis at Aaa, short-term debts and deposits
guaranteed by CDC Ixis at Prime-1, and bank financial strength
CDC Financial Products - long-term issuer guaranteed by
CDC Ixis at Aaa, short-term issuer guaranteed by CDC Ixis
CDC Funding Corporation - long-term issuer guaranteed by
CDC Ixis at Aaa, short-term issuer guaranteed by CDC Ixis
CDC Commercial Paper Corp. - US commercial paper guaranteed
by CDC Ixis at Prime-1.
Caisse des Depôts et Consignations is a large state-owned
institution headquartered in Paris. At year-end 2000,
the consolidated assets of the Central Section of CDC were EUR270 billion.
Based in Paris, Caisse Nationale des Caisses d'Epargne et de Prevoyance
is the central entity and main issuing debt vehicle of the French Savings
Banks Group. At year-end 2000, the group had total
assets of EUR264 billion.
VP - Senior Credit Officer
Financial Institutions Group
Moody's France S.A.
33 1 53 30 10 47
Alexandra A. Sleator
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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