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PLEASE READ AND SCROLL DOWN!

 

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Rating Action:

MOODY'S PLACE SOUS SURVEILLANCE POUR ABAISSEMENT POSSIBLE LES NOTATIONS Aa1/A- DU CREDIT AGRICOLE ; PLACE SOUS SURVEILLANCE POUR REHAUSSEMENT POSSIBLE LES NOTATIONS A1/B- DU CREDIT LYONNAIS SUITE AU LANCEMENT D'UNE OFFRE PUBLIQUE D'ACHAT AMICALE

16 Dec 2002
MOODY'S PLACE SOUS SURVEILLANCE POUR ABAISSEMENT POSSIBLE LES NOTATIONS Aa1/A- DU CREDIT AGRICOLE ; PLACE SOUS SURVEILLANCE POUR REHAUSSEMENT POSSIBLE LES NOTATIONS A1/B- DU CREDIT LYONNAIS SUITE AU LANCEMENT D'UNE OFFRE PUBLIQUE D'ACHAT AMICALE Moody's Investors Service a placé aujourd'hui sous surveillance pour abaissement possible les notations de Crédit Agricole S.A. (dette senior à Aa1, dette subordonnée à Aa2, solidité financière à A-). Moody's a également placé sous surveillance pour rehaussement possible les notations du Crédit Lyonnais et de ses filiales garanties (dette senior à A1, dette subordonnée et junior subordonnée à A2, actions de préférence à A3, solidité financière à B-). Les notations de dette senior Aa2, de dette subordonnée Aa3 et d'action de préférence A1 de Crédit Agricole Indosuez ont par ailleurs aussi été placées sous revue pour abaissement possible, tandis que la notation C de solidité financière de la banque a été confirmée. Toutes les notations de dette à court terme des trois établissements ont été confirmées à Prime-1.

Ces décisions de notations font suite à l'annonce plus tôt aujourd'hui du lancement par le Crédit Agricole d'une offre publique d'achat amicale sur le Crédit Lyonnais, avec pour objectif de contrôler au moins 50,01% de son capital. Le Crédit Agricole est actuellement le principal actionnaire du Crédit Lyonnais avec une participation d'environ 17,8%.


Moody's a indiqué que le processus de surveillance aurait pour objet d'examiner :

(i) Les avantages concurrentiels résultant du rapprochement en terme de renforcement du fonds de commerce, d'accroissement de la diversification des sources de profit et des opportunités de synergies de coûts ;

(ii) L'éventualité d'une détérioration des fondamentaux financiers du Crédit Agricole, cette préoccupation devant être notamment analysée à la lumière de la perspective négative qui prévalait avant l'annonce faite aujourd'hui sur les notations long terme du Crédit Agricole ainsi que du prix offert pour la prise de contrôle du Crédit lyonnais ;

(iii) Les risques d'exécution et d'intégration qui pourraient résulter de la combinaison des deux établissements.


Moody's a commenté que, sous réserve du succès de l'offre publique d'achat, le rapprochement du Crédit Agricole et du Crédit Lyonnais conduirait à la création d'un groupe bancaire jouissant de parts de marché dominantes en banque de détail en France. Le nouvel ensemble renforcerait également ses positions concurrentielles dans d'autres lignes de métiers importantes, notamment dans le domaine des services financiers à destination des particuliers, la gestion d'actifs et l'assurance. Bien que le nouveau groupe devrait conserver deux marques distinctes et continuer de gérer ses deux réseaux d'agences de manière indépendante, le rapprochement devrait conduire à la réalisation d'économies d'échelle significatives dans des domaines tels que l'infrastructure informatique, les centres de traitements administratifs et la gestion des risques. De plus, le rapprochement de Crédit Agricole Indosuez et des activités de grande clientèle du Crédit Lyonnais permettrait aux deux établissements d'améliorer leur taille critique en banque d'investissement, tout en permettant une réduction des coûts et du capital alloué à ces activités, et en améliorant leur rentabilité et la stabilité de leurs résultats. En fin, le nouveau groupe pourrait à terme, tirer parti d'une position domestique renforcée pour jouer un rôle plus actif dans le processus de consolidation de l'industrie bancaire européenne.


Tempérant ces avantages potentiels, Moody's a souligné l'impact que cette opération est susceptible d'avoir sur le profil financier du Crédit Agricole, dans la mesure où le prix offert pour l'acquisition du Crédit Lyonnais - largement payé en numéraire - intègre une prime de contrôle très significative qui ne peut être justifiée que par les avantages stratégiques attendus de l'opération. De plus, bien que le Crédit Lyonnais affiche désormais des ratios financiers satisfaisants, le rapprochement aurait néanmoins un impact négatif sur le coefficient d'exploitation et la rentabilité ajustée par le risque du Crédit Agricole, alors que les perspectives de mise en œuvre des synergies liées au rapprochement seront contraintes par des rigidités sociales et opérationnelles. Enfin, Moody's a également noté que le nouvel ensemble serait confronté à des défis d'intégration très importants, compte tenu de la taille et de la complexité des deux groupes bancaires, ainsi que des différences relatives à leur organisation et à leur culture d'entreprise.


En dépit de ces défis et de ces difficultés, Moody's a conclu que le nouveau groupe devrait bénéficier d'une qualité de crédit élevée, et qu'un éventuel abaissement des notations à long terme du Crédit Agricole devrait être limité. Parallèlement, les notations du Crédit Lyonnais et de Crédit Agricole Indosuez devraient refléter la position et le rôle que devraient assumer ces deux établissements au sein du nouvel ensemble. Moody's a indiqué que la conclusion de ce processus de surveillance devrait intervenir dès que les résultats de l'offre publique seront connus, mais a également souligné les incertitudes propres à ce processus.


Les notation suivantes ont été placées sous surveillance pour abaissement possible :

Crédit Agricole S.A. - dette senior et dépôt à long terme à Aa1, dettes subordonnées à Aa2, solidité financière A- ;

Crédit Agricole Indosuez - dette senior et dépôt à long terme à Aa2, dettes subordonnées à Aa3 ;

Indosuez Holdings S.C.A. - actions de préférence à A1 ;

Dix-neuf Caisses Régionales de Crédit Agricole notées par Moody's - dépôts à long terme à Aa1.


Les notations suivantes ont été placées sous surveillance pour rehaussement possible :

Crédit Lyonnais S.A. - dette senior et dépôt à long terme à A1, dette subordonnée et junior subordonnée à A2, et solidité financière à B- ;

Crédit Lyonnais S.A., succursale de New York - dette senior à A1 et dette subordonnée à A2 ;

Crédit Lyonnais Capital S.C.A. - actions de préférence garanties par le Crédit Lyonnais à A3 ;

Crédit Lyonnais Finance (Guernsey) Ltd. - dette senior garantie par le Crédit Lyonnais à A1, dette subordonnée et junior subordonnée garanties par le Crédit Lyonnais à A2 ;

Crédit Lyonnais Financial Products (Guernsey) Ltd. - dette senior garantie par le Crédit Lyonnais à A1, dette subordonnée et junior subordonnée garanties par le Crédit Lyonnais à A2.

Les notations suivantes ont été confirmées :

Crédit Agricole S.A. - dette et dépôt court terme à Prime-1 ;

Crédit Agricole Indosuez - dépôt court terme à Prime-1 et solidité financière à C ;

Indosuez North America - papier commercial garanti par Crédit Agricole Indosuez à Prime-1 ;

Dix-neuf Caisses Régionales de Crédit Agricole notées par Moody's - dépôt court terme à Prime-1 ;

Crédit Lyonnais S.A. - dette et dépôt court terme à Prime-1 ;

Crédit Lyonnais S.A., succursale de New York - dette court terme à Prime-1 ;

Crédit Lyonnais Finance (Guernsey) Ltd. - dette court terme garantie par le Crédit lyonnais à Prime-1 ;

Crédit Lyonnais Financial Products (Guernsey) Ltd. - dette court terme garantie par le Crédit Lyonnais à Prime-1 ;

Crédit Lyonnais North America, Inc. - papier commercial garanti par le Crédit lyonnais à Prime-1.


Basé à Paris, Crédit Agricole S.A. est l'entité centrale du groupe bancaire mutualiste Crédit Agricole, deuxième groupe bancaire européen par les fonds propres. Au 30 juin 2002, le groupe présentait un total d'actifs de EUR 584 milliards. Ayant également son siège à Paris, Crédit Lyonnais S.A. est la septième banque française par la taille de bilan, et affichait un total d'actif de EUR 243 milliards à fin juin 2002.

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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