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25 Jul 2000
MOODY'S UPGRADES NATEXIS BANQUES POPULAIRES'S LONG-TERM AND FINANCIAL STRENGTH RATINGS TO Aa3/C+ FROM A1/C; CHANGES TO STABLE FROM NEGATIVE THE OUTLOOK ON BANQUES POPULAIRES GROUP'S Aa3 LONG-TERM RATINGS
Approximately $11.2 Billion of Debt Securities Affected.
Paris, July 25, 2000 -- Reflecting the key role that Natexis Banques Populaires now assumes within
the Banques Populaires group, Moody's Investors Service upgraded
today its senior long-term debt and deposit ratings to Aa3 from
A1, and also raised the bank's subordinated and junior subordinated
debt ratings to A1 from A2, and the rating of preference shares
supported by the bank to "a1" from "a2". Moody's also upgraded
Natexis Banques Populaires's financial strength rating to C+ from
The ratings of the debts issued by Natexis Banque and of its guaranteed
subsidiaries - now assumed by Natexis Banques Populaires following
their recent merger - were also upgraded (senior to Aa3).
At the same time, Natexis Banque's ratings (short-term deposit
at Prime-1, long-term deposit at Aa3 and financial
strength at D+) were withdrawn, as this legal entity no longer
The debt and deposit ratings of Banque Federale des Banques
Populaires and the regional entities of the Banques Populaires group rated
by Moody's were confirmed at Aa3/Prime-1. All the group's
ratings now have a stable outlook.
Moody's said that the upgrade of Natexis Banques Populaires (NBP)'s ratings
reflected the key role that it now assumes within the Banques Bopulaires
(BP) group. Following the full transfer of the activities and staff
of former Caisse Centrale des Banques Populaires in 1999, NBP has
become the group's main operating subsidiary in wholesale banking and
capital markets activities, as well as the holding company for the
group's main affiliates. As such, NBP is now the provider
to the group's regional retail banks of products and services in asset
management, insurance, leasing, and payments,
among others, and is also the group's main refinancing vehicle.
Moody's said that it therefore now views NBP as being inseparable now
from the rest of the group, and that, consequently,
its credit strength now reflects the combined financial strength of the
In this context, according to Moody's, although NBP is not
a mutual and is therefore not encompassed in the cross-guarantee
system existing between the group's members, NBP's debt obligations
should be considered as being economically supported by the entire BP
group and are as a consequence be rated at the same level (senior debts
and deposits at Aa3).
Moody's also noted that NBP's franchise and earnings profile have significantly
benefited from the combination with CCBP's activities and higher critical
mass in wholesale banking, from the rationalization and refocusing
of its organization, as well as from the effect of a more positive
economic domestic outlook. Nevertheless, its risk-weighted
profitability, although notably improving, remains limited
and its diversification and franchise breadth are also less substantial
than some of its domestic peers. As a result, NBP's financial
strength rating, which was upgraded to C+, is underpinned
by the group's global retail franchise and distribution capacity,
financial strength and internal cohesion.
The following ratings were upgraded:
Natexis Banque Populaires (including debts assumed from Natexis Banque)
- long-term debt and deposit to Aa3 from A1, subordinated
debt and junior subordinated debt to A1 from A2, issuer to Aa3 from
A1, financial strength at C+ from C;
Interfinance Natexis N.V. - long-term debt
guaranteed by Natexis Banque Populaires to Aa3 from A1,
Natexis AMBS Company L.L.C. - preferred stock
at "a1" from "a2",
NBP Capital Trust I - preferred stock at "a1" from "a2",
NBP Preferred Capital I, LLC - preferred stock at "a1" from
The following ratings were confirmed:
Natexis Banque Populaires (including debts assumed from Natexis Banque)
- short term deposit at Prime-1,
Interfinance Natexis N.V. - Euro commercial paper
guaranteed by Natexis Banques Populaires at Prime-1,
Natexis U.S. Finance Corp. - U.S.
commercial paper guaranteed by Natexis Banques Populaires at Prime-1,
Banque Federale des Banques Populaires - senior long-term
obligations at Aa3, subordinated debts at A1, issuer at Aa3
and short-term deposit at Prime-1,
CCBP International Inc. - commercial paper guaranteed by
Natexis Banques Populaires at Prime-1,
Bred Banque Populaire - long-term debt and deposit at Aa3,
short-term deposit at Prime-1 and financial strength at
13 Banques Populaires - long- and short-term deposits
The ratings of the debt obligations of Natexis Banques Populaires guaranteed
by the Republic of France are confirmed at Aaa.
Banques Populaires group is a mutual banking institution, whose
central entity, Banque Federale des Banques Populaires,
is based in Paris. The group had consolidated assets at year-end
1999 of EUR186 billion. Natexis Banques Populaires, also
headquartered in Paris, had consolidated assets of EUR94 billion
at year-end 1999.
Samuel S. Theodore
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454
VP - Senior Credit Officer
Financial Institutions Group
Moody's France S.A.
33 1 53 30 10 47
No Related Data.
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