Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Sie sind im Begriff, von der lokalen Website für Deutschland auf die globale Website in englischer Sprache zu wechseln. Möchten Sie fortfahren?
Diesen Hinweis nicht wieder anzeigen.
Ja
Nein
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's changes outlooks on the long-term ratings of three French financial institutions to stable from positive

25 Feb 2020

Outlooks on backed ratings of another four French financial institutions changed to stable from positive

Paris, February 25, 2020 -- Moody's Investors Service ("Moody's") today revised the outlooks to stable from positive on the Aa2 long-term deposit, issuer and senior unsecured ratings of Caisse Des Depots et Consignations (CDC), EPIC Bpifrance's Aa2 long-term issuer rating and SFIL's Aa3 long-term deposit, issuer and senior unsecured ratings. Moody's concurrently affirmed all these ratings.

At the same time, Moody's affirmed the Aa2 senior unsecured ratings backed by the government of France, by CDC or by EPIC Bpifrance of the following four entities and changed their outlooks to stable from positive:

- Bpifrance Financement ;

- Caisse Centrale du Credit Immobilier de France (3CIF) ;

- CDC Ixis and Ixis Corporate & Investment Bank (Ixis CIB), now merged into Natixis.

Today's actions followed Moody's change of the outlook on the Aa2 ratings of the government of France to stable from positive. For more details, please refer to Moody's press releases dated dated 21 February 2020 at " Moody's changes outlook on France's rating to stable from positive, affirms Aa2 rating" (https://www.moodys.com/research/--PR_418349).

RATINGS RATIONALE

--- CAISSE DES DEPOTS ET CONSIGNATIONS

Moody's revised the outlook on CDC's long-term senior unsecured debt, issuer and deposit ratings of Aa2 to stable from positive, in line with the revised outlook on the rating of the French government. CDC is intrinsically linked to the French government, given its governance structure as well as operational and financial ties. As a result, Moody's aligns CDC's ratings with those of the French government.

--- EPIC BPIFRANCE AND BPIFRANCE FINANCEMENT

The change of outlook to stable from positive on the Aa2 issuer rating of EPIC Bpifrance and the Aa2 backed long-term senior unsecured ratings of its fully guaranteed subsidiary Bpifrance Financement reflects the revised outlook on the rating of the government of France.

EPIC Bpifrance is fully owned by the French state and benefits through its status as an Etablissement public à caractère industriel et commercial (EPIC) from an implicit guarantee from the state. EPIC Bpifrance is thus intrinsically tied to the French state through its operational and financial ties with the government. As such, its issuer rating is aligned with that of the French government.

--- SFIL

The change in the outlook on SFIL's Aa3 issuer, deposit and senior unsecured debt ratings reflects the change in outlook on the rating of the government of France to stable from positive.

SFIL is a state-owned financial institution, held 75% directly by the French state and 25% indirectly through CDC and La Banque Postale. It is entrusted with a public service mandate and holds a leading position in French public-sector financing. As SFIL's reference shareholder, the French government is committed to support the bank's solvency and liquidity through a letter of comfort which has been communicated to the French banking supervisor. SFIL also plays a key role in financing French local authorities and hospitals, and a recent expansion in its policy mandate to export and strategic project financing further enhances SFIL's status and importance in the domestic market. Under the planned transfer of the government's stake in SFIL to CDC in the coming months, CDC will become a 99.99% shareholder of the bank and the government will keep one share. SFIL's ownership will therefore remain entirely public. Moody's expects the bank's future shareholders to remain committed to supporting SFIL's solvency and liquidity. The probability of government support in case of need is thus very high for SFIL's issuer, deposit and debt ratings, which results in a government support uplift of two notches.

--- BACKED RATINGS OF DEBT ISSUED BY CDC IXIS and IXIS CIB

The change in the outlook on the Aa2 backed ratings of senior unsecured debt issued by CDC Ixis and Ixis CIB reflects the revised outlook on the government of France's rating.

Following the creation of Groupe BCPE in 2009, these debt obligations continue to be directly guaranteed by, or to benefit from recourse to CDC. Therefore, this debt continues to be aligned with CDC's Aa2 ratings and outlook.

--- BACKED RATINGS OF CAISSE CENTRALE DU CREDIT IMMOBILIER DE FRANCE (3CIF)

The backed senior unsecured rating of 3CIF is based on the unconditional and irrevocable guarantee from the French government. The change on the outlook on its Aa2 backed ratings reflects the revised outlook on the government of France's ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

The ratings of CDC, EPIC Bpifrance, SFIL and the backed ratings of Bpifrance Financement, CDC Ixis, Ixis CIB and 3CIF will likely be upgraded if the government of France's rating is upgraded.

A downgrade of the government of France's rating will likely result in a downgrade of all these ratings. SFIL's ratings could also be downgraded if its standalone financial strength deteriorates, if a change in its liability structure results in a higher loss-given-failure for its depositors or senior unsecured creditors, or if the probability of government support decreases.

LIST OF AFFECTED RATINGS

Issuer: CDC Ixis

..Affirmations:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Aa2, outlook changed to Stable from Positive

..No Outlook assigned

Issuer: IXIS Corporate & Investment Bank

..Affirmations:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Aa2, outlook changed to Stable from Positive

..No Outlook assigned

Issuer: SFIL

..Affirmations:

....Long-term Bank Deposits, affirmed Aa3, outlook changed to Stable from Positive

....Long-term Issuer Ratings, affirmed Aa3, outlook changed to Stable from Positive

....Senior Unsecured Regular Bond/Debenture, affirmed Aa3, outlook changed to Stable from Positive

....Senior Unsecured Medium-Term Note Program, affirmed (P)Aa3

..Outlook Action:

....Outlook changed to Stable from Positive

Issuer: Caisse C'ale du Credit Immobilier de France

..Affirmations:

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)Aa2

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Aa2, outlook changed to Stable from Positive

..Stable Outlook not affected

Issuer: Caisse Des Depots et Consignations

..Affirmations:

....Long-term Bank Deposits, affirmed Aa2, outlook changed to Stable from Positive

....Long-term Issuer Rating, affirmed Aa2, outlook changed to Stable from Positive

....Senior Unsecured Regular Bond/Debenture, affirmed Aa2, outlook changed to Stable from Positive

....Senior Unsecured Medium-Term Note Program, affirmed (P)Aa2

..Outlook Action:

....Outlook changed to Stable from Positive

Issuer: Bpifrance Financement

..Affirmations:

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)Aa2

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Aa2, outlook changed to Stable from Positive

..Outlook Action:

....Outlook changed to Stable from Positive

Issuer: EPIC Bpifrance

..Affirmations:

....Long-term Issuer Ratings, affirmed Aa2, outlook changed to Stable from Positive

..Outlook Action:

....Outlook changed to Stable from Positive

PRINCIPAL METHODOLOGIES

The principal methodology used in rating CDC Ixis, IXIS Corporate & Investment Bank, Caisse C'ale du Credit Immobilier de France and SFIL was Banks Methodology published in November 2019. The principal methodology used in rating Caisse Des Depots et Consignations, EPIC Bpifrance and Bpifrance Financement was Government-Related Issuers Methodology published in February 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Yasuko Nakamura
VP - Senior Credit Officer
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Nicholas Hill
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

​​​​​​​​