MOODY'S REVIEWS LONG-TERM RATINGS OF CAISSE NATIONALE DE CREDIT AGRICOLE AND REGIONAL BANKS FOR POSSIBLE DOWNGRADE (SENIOR CREDIT AT Aa1)
Paris, 04-30-96 -- Moody's Investors Service placed the long-term ratings of Caisse Nationale de Credit Agricole and related entities (senior at Aa1) under review for possible downgrade, following the announcement that the bank will purchase a majority ownership of Banque Indosuez, the French merchant bank. At the same time, the rating agency confirmed the Prime-1 short-term deposit rating of CNCA and its related entities.
CNCA ( senior at Aa1) is the clearing bank of Credit Agricole, a mutualist group, with a dominant retail banking franchise.With total assets of FF 1893 billion (USD 371 billion) at year-end 1995, Credit Agricole is the largest bank in France and ranks among the world's 15 largest banks.
Moody's said that the purchase of a majority interest in Banque Indosuez, a merchant bank with sizeable capital market and wholesale operations in Europe, Asia and the Middle East, signals a departure from Credit Agricole's core business of domestic French retail and middle market banking. The rating review will focus on Credit Agricole's strategic intentions in the international wholesale banking and capital markets businesses, and also on the prospects for successfully combining the businesses of the two companies.
The following ratings are under review:
Caisse Nationale de Credit Agricole -- the Aa1 senior rating, the Aa2 subordinated rating, the Aa1 counterparty rating, the Aa1 rating for long-term bank certificates of deposit, and the Bank Financial Strength Rating at B+.
Caisse Nationale de Credit Agricole, Chicago Branch -- The Aa1 senior rating and the Aa1 rating for long-term certificates of deposit.
Caisse R‚gionale du Cr‚dit Agricole du Nord Est -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole des Cotes d'Armor -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole du FinistŠre -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de Toulouse et du Midi Toulousain -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de l'IsŠre -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de Loire Atlantique -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de Centre Loire -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole d'Anjou Mayenne -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole du Morbihan -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole du Nord -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole du Pas de Calais -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de Centre France -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole du Centre Est -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de Paris Ile de France -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de Haute Normandie -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de la Brie -- the Aa1 senior rating
Caisse R‚gionale du Cr‚dit Agricole de la Somme -- the Aa1 senior rating
Unicredit -- the Aa1 senior rating
The following ratings are confirmed:
Caisse Nationale de Credit Agricole -- the Prime-1 rating for short-term certificates of deposit.
Caisse Nationale de Credit Agricole, Chicago Branch -- The Prime-1 short-term rating.
Credit Agricole USA, Inc -- The Prime-1 short-term rating for commercial paper.
The Prime-1 rating of the following regional banks;
Caisse R‚gionale du Cr‚dit Agricole du Nord Est
Caisse R‚gionale du Cr‚dit Agricole des Cotes d'Armor
Caisse R‚gionale du Cr‚dit Agricole du FinistŠre
Caisse R‚gionale du Cr‚dit Agricole de Toulouse et du Midi Toulousain
Caisse R‚gionale du Cr‚dit Agricole de l'IsŠre
Caisse R‚gionale du Cr‚dit Agricole de Loire Atlantique
Caisse R‚gionale du Cr‚dit Agricole de Centre Loire
Caisse R‚gionale du Cr‚dit Agricole d'Anjou Mayenne
Caisse R‚gionale du Cr‚dit Agricole du Morbihan
Caisse R‚gionale du Cr‚dit Agricole du Nord
Caisse R‚gionale du Cr‚dit Agricole du Pas de Calais
Caisse R‚gionale du Cr‚dit Agricole de Centre France
Caisse R‚gionale du Cr‚dit Agricole du Centre Est
Caisse R‚gionale du Cr‚dit Agricole de Paris Ile de France
Caisse R‚gionale du Cr‚dit Agricole de Haute Normandie
Caisse R‚gionale du Cr‚dit Agricole de la Brie
Caisse R‚gionale du Cr‚dit Agricole de la Somme
-Caisse Nationale de Credit Agricole is the clearing bank of the Credit Agricole group, the largest mutualist banking group in France with assets of FF 1,893 billion as of December 31, 1995.
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