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Rating Action:

MOODY'S RELEVE DE A1/C A Aa3/C+ LES NOTATIONS A LONG TERME ET DE SOLIDITE FINANCIERE DE NATEXIS BANQUES POPULAIRES; CHANGE DE NEGATIVES A STABLES LES NOTATIONS A LONG TERME Aa3 DU GROUPE DES BANQUES POPULAIRES

25 Jul 2000
MOODY'S RELEVE DE A1/C A Aa3/C+ LES NOTATIONS A LONG TERME ET DE SOLIDITE FINANCIERE DE NATEXIS BANQUES POPULAIRES; CHANGE DE NEGATIVES A STABLES LES NOTATIONS A LONG TERME Aa3 DU GROUPE DES BANQUES POPULAIRES Refl‚tant le r“le cl‚ d‚sormais assum‚ par Natexis Banques Populaires au sein du groupe des Banques Populaires, Moody's Investors Service a relev‚ aujourd'hui ses notations de dettes senior et de d‚p“ts … long terme de A1 … Aa3, et a ‚galement relev‚ de A2 … A1 les notations des dettes subordonn‚es et junior subordonn‚es de l'‚tablissement et de "a2" …"a1" la notation des actions de pr‚f‚rence b‚n‚ficiant du support de Natexis Banques Populaires. Enfin, Moody's a aussi relev‚ sa notation de solidit‚ financiŠre de C … C+.

Les notations des dettes ‚mises par Natexis Banque et ses filiales garanties - d‚sormais assum‚es par Natexis Banques Populaires en raison de leur r‚cente fusion - ont ‚galement ‚t‚ rehauss‚es (dettes senior … Aa3). Simultan‚ment, Moody's a proc‚d‚ au retrait des notations d'‚metteur de Natexis Banque (d‚p“ts court terme … Prime-1, d‚p“ts long terme … Aa3 et solidit‚ financiŠre … D+) du fait de l'absorption de la soci‚t‚ par Natexis Banques Populaires.

Les notations de dettes et d‚p“ts … long terme de la Banque F‚d‚rale des Banques Populaires et des banques r‚gionales not‚es par Moody's ont ‚t‚ confirm‚es … Aa3 ainsi que l'ensemble des notations court terme Prime-1 du groupe. Toutes les notations du groupe ont d‚sormais une perspective stable.


Moody's a indiqu‚ que le relŠvement des notations de Natexis Banques Populaires (NBP) traduisait le r“le cl‚ qu'assume d‚sormais la banque au sein du groupe des Banques Bopulaires (BP). Suite … l'apport en 1999 de l'ensemble des activit‚s et des salari‚s de l'ancienne Caisse Centrale des Banques Populaires, NBP est devenue l'unique unit‚ op‚rationnelle du groupe dans les domaines de la banque de grande clientŠle et des march‚s de capitaux, ainsi que la soci‚t‚ holding des principales filiales du groupe. De ce fait, NBP exerce notamment un r“le de fournisseur en produits et services bancaires au b‚n‚fice des banques r‚gionales du groupe dans le domaine de la gestion d'actifs, de l'assurance, du cr‚dit bail, des moyens de paiements, entre autres, et NBP est ‚galement devenue la principale centrale de refinancement du groupe. L'agence de notation a indiqu‚ qu'elle considŠre que NBP est d‚sormais une unit‚ ins‚parable du reste du groupe, et que, en cons‚quence, sa solidit‚ financiŠre reflŠte dor‚navant la solidit‚ financiŠre de l'ensemble du groupe des Banques Populaires.

Dans ce contexte, d'aprŠs Moody's, bien que NBP ne soit pas une banque … caractŠre mutualiste et ne b‚n‚ficie donc pas des m‚canismes de garantie crois‚e existant entre les Banques Populaires, les dettes de NBP doivent ˆtre consid‚r‚s ‚conomiquement comme des engagements de l'ensemble du groupe des Banques Populaires et, en cons‚quence, sont donc not‚es au mˆme niveau (dettes et d‚p“ts senior … Aa3).

Moody's a ‚galement soulign‚ que l'apport des activit‚s de l'ex-CCBP et l'obtention d'une masse critique plus importante en banque de grande clientŠle, le processus de rationalisation et de recentrage actuellement engag‚, ainsi que les effets d'un environnement ‚conomique domestique mieux orient‚ ont eu des effets b‚n‚fiques sur le fonds de commerce et le profil de r‚sultats de NBP. N‚anmoins, son niveau de rentabilit‚ ajust‚e par le risque, bien qu'en sensible progression, reste limit‚e. Par ailleurs, la diversification et la profondeur de son fonds de commerce sont ‚galement moindres que certains de ses concurrents domestiques. Il en r‚sulte que la notation de solidit‚ financiŠre de NBP est en fait sous tendue par la qualit‚ du fonds de commerce de banque de d‚tail et la capacit‚ de distribution de l'ensemble du groupe, sa solidit‚ financiŠre et sa coh‚sion interne.


Les notations suivantes ont ‚t‚ rehauss‚es:

Natexis Banque Populaires (y compris les dettes assum‚es suite … la fusion avec Natexis Banque) - dettes et d‚p“ts long terme de A1 … Aa3, dettes subordonn‚es et junior subordonn‚es de A2 … A1, notation d'‚metteur de A1 … Aa3, solidit‚ financiŠre de C … C+. ;

Interfinance Natexis N.V. - dettes … long terme garanties par Natexis Banque Populaires de A1 … Aa3,

Natexis AMBS Company L.L.C. - actions de pr‚f‚rence de "a2" … "a1",

NBP Capital Trust I - actions de pr‚f‚rence de "a2" … "a1",

NBP Preferred Capital I, LLC - actions de pr‚f‚rence de "a2" … "a1".

Les notations suivantes ont ‚t‚ confirm‚es:

Natexis Banque Populaires (y compris les dettes assum‚es suite … la fusion avec Natexis Banque) - d‚p“ts court terme … Prime-1,

Interfinance Natexis N.V. - papier commercial garanti par Natexis Banques Populaires … Prime-1,

Natexis U.S. Finance Corp. - papier commercial garanti par Natexis Banques Populaires … Prime-1,

Banque F‚d‚rale des Banques Populaires - dettes et d‚p“ts long terme … Aa3, dettes subordonn‚es … A1, notation d'‚metteur … Aa3 et d‚p“ts court terme … Prime-1,

CCBP International Inc. - papier commercial garanti par la Banque F‚d‚rale des Banques Populaires … Prime-1,

Bred Banque Populaire - dettes et d‚p“ts long terme … Aa3, d‚p“ts court terme … Prime-1 et solidit‚ financiŠre … D+,

13 banques populaires not‚es par Moody's - d‚p“ts court et long terme … Aa3/Prime-1.


Les notations des dettes de Natexis Banques Populaires garanties par la R‚publique Fran‡aise sont confirm‚es … Aaa.


Les Banques Populaires sont un groupe bancaire mutualiste dont l'entit‚ centrale, la Banque F‚d‚rale des Banques Populaires, est situ‚e … Paris. Le groupe pr‚sentait un total d'actifs de EUR186 milliards … fin 1999. Natexis Banques Populaires, ‚galement bas‚ … Paris, avait un total de bilan de EUR94 billion … fin 1999

No Related Data.
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