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06 Jul 2007
Moody's raises Locindus' deposit ratings to Aa3/P-1
London, 06 July 2007 -- Moody's upgraded to Aa3/P-1 from A3/P-2 Locindus'
Foreign Currency Deposit Ratings. Moody's also assigned long
and short-term Global Local Currency Deposit Ratings of Aa3/P-1
to Locindus, in accordance with its refined joint-default
analysis rating methodology. Locindus' bank financial strength
rating (BFSR) of C remains unchanged. The outlook on all ratings
This rating action concludes the rating review initiated on 28 November
2006, following the announcement by Credit Foncier de France
(CFF, rated Aa2/P-1/C, stable outlooks) that it would
launch a public offer for Locindus' shares by 15 January 2007.
The review focused on the commitment and support that CFF and ultimately
Caisse Nationale des Caisses d'Epargne Prevoyance (CNCEP,
rated Aa2/P-1/B-, stable outlooks) were likely to
extend to Locindus. It also examined CFF's integration and
development strategy in respect of Locindus.
Moody's said that the upgrade reflects CFF's successful bid
for Locindus, as CFF now owns 67.56% of the credit
institution. It also incorporates Moody's assessment of Locindus'
"affiliated subsidiary" status, formally granted by
CNCEP to Locindus in June 2007, enabling Locindus to benefit from
the solidarity mechanisms in place within the mutualist Groupe Caisse
d'Epargne, of which CFF already is a beneficiary.
Moody's pointed out that CFF's integration and development
strategy in respect of Locindus is in the process of being developed.
As such, the relatively low operational integration of Locindus
within CFF and CNCEP at this stage is also reflected in the Aa3 rating
of Locindus. The P-1 deposit rating of the credit institution
reflects its backing by a committed major French mutualist banking Group.
Moody's commented that funding synergies are likely to be realised
rapidly. On the other hand, back-office synergies,
other restructuring and commercial plans should become clearer nearer
to the year-end, when Locindus' full business plan
According to Moody's, the Aa3/P-1 Global Local Currendy
Deposit Ratings assigned to Locindus as well as the Foreign Currency Deposit
Ratings of Locindus reflect:
a) Locindus' BFSR of C with a stable outlook, which translates
into a Baseline Credit Assessment of A3. This rating is considered
to be stable in spite of the recent deterioration of some of Locindus'
key financial indicators (e.g. risk-weighted profitability
and cost-to-income). Moody's said that it will
continue to monitor closely Locindus' financial fundamentals and
that it will assess the impact of its restructuring and business plans
on the credit institution, once they are finalised;
b) Moody's assessment of the "very high" support expected from CFF and
from the solidarity mechanisms prevailing within the Groupe Caisse d'Epargne,
of which Locindus is a beneficiary, due to the institution's
status as affiliated member of CNCEP; and
c) Moody's assessment of the "very high" probability
of systemic support in the event of need for Groupe Caisse d'Epargne.
Key Global Local Currency and Foreign Currency Deposit Rating drivers
-- up or down -- include changes a) in Locindus' BFSR,
b) in the Global Local Currency and Foreign Currency Deposit Ratings of
CFF and of CNCEP, c) in Moody's assessment of support;
d) in Moody's assessment of the evolution of the position of Locindus
as strategic and integrated entity within CFF and the Group, and
e) in the systemic support probability attributed to the Groupe Caisse
d'Epargne. Going forward, the institution's BFSR
will be positively or negatively affected, in particular,
by a) franchise considerations, b) the evolution of Locindus'
profitability, c) the evolution of its credit risk position,
notably its borrower and sector concentrations, and d) by its liquidity
position, potential liquidity crises or funding diversification
At end-2006, Locindus published total IFRS audited assets
of EUR1.101 billion (2005: EUR1.021 billion),
pre-provision results down by 41.3% to EUR15.4
billion and a net profit, group share up by 9.5% to
EUR19.9 million due to a non-recurring dilution profit of
EUR11.2 million resulting from the creation and listing of SIICInvest
Financial Institutions Group
Moody's Investors Service Ltd.
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VP - Senior Credit Officer
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Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
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