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Global Credit Research - 16 Dec 2010
Paris, December 16, 2010 -- Moody's Investors Service today upgraded its short-term rating
on Oddo & Cie ("Oddo") to Prime-2 from Prime-3.
The long-term issuer, senior debt and deposit rating of Baa2
and the Bank Financial Strength Rating (BFSR) of C- are unchanged.
The outlook is stable on all ratings.
Moody's said that the rating action reflects the rating agency's
belief that the heightened liquidity risks perceived at the time of the
downgrade to Prime-3 in 2008, which reflected in turn concerns
about the combination of its largely wholesale funded nature and the illiquidity
of its money market funds, are no longer a substantial concern.
Although the nature of Oddo's activities are relatively complex
for a bank of its size -- including asset management, private
banking, corporate finance, brokerage, market-making
in equities and options, metals finance, and electricity broking
-- Moody's believes that Oddo's funding and liquidity
policies are broadly appropriate and prudent. In support of the
Prime-2 short-term rating, Moody's notes the
extensive use of liquidity stress tests within Oddo's operating
model, the fact that the bank was able to manage a volatile economic
and financial environment in 2007 and 2008, its recent EUR150 million
bond issue, and the stable outlook now applying to the Baa2 long-term
The latter was confirmed in June 2010 to reflect Oddo's resilience
through the financial crisis of the past three years. The bank
has managed to maintain its key franchises, despite a lack of access
to the public debt markets. Revenue weakness, notably in
equities and options trading, has been contained, while losses
related to the litigation from the money market funds holders have been
relatively small, allowing Oddo to post positive net results and
increase its capital ratios. Moody's still believes however
that there are potential corporate governance challenges stemming from
the close links between the owners and the managers of the business,
and that the risk management function is lightly staffed relative to the
bank's breadth of activities.
At the same time, Moody's noted that Oddo completed its acquisition
of Banque d'Orsay on November 30, 2010. As stated in
our issuer comment of September 6, 2010, we see this acquisition
as credit positive as it should allow Oddo to strengthen its asset management
and private banking franchises, without significant impact on its
risk or business profiles. In addition, we understand that
Oddo has recently agreed to acquire Banque Robeco, the Paris-based
part of Rabobank's Robeco subsidiary. Overall, we consider
these acquisitions as franchise accretive while having little impact on
the financials, and in particular no material impact on Oddo's
The principal methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007, Incorporation
of Joint-Default Analysis into Moody's Bank Ratings: A Refined
Methodology published in March 2007, and Global Securities Industry
Methodology published in December 2006.
The last rating action on Oddo & Cie was on June 29, 2010,
when Moody's revised the outlook on bank's long-term issuer,
debt and deposit ratings to stable from negative and affirmed the C+
BFSR and long-term issuer, senior debt and deposit ratings
of Baa2. Ratings on Oddo do not benefit from any parental or extraordinary
support under Moody's methodologies.
Based in Paris, France, Oddo & Cie is a small bank specializing
in a range of activities including asset management, private banking,
corporate finance, brokerage, market-making in equities
and options, metals finance, and electricity broking.
Reported net income in 2009 was EUR36 million, total assets at the
year-end were EUR2.7 billion, and shareholders' equity
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, and confidential
and proprietary Moody's Investors Service information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
The rating has been disclosed to the rated entity or its designated agents
and issued with no amendment resulting from that disclosure.
Moody's Investors Service may have provided Ancillary or Other Permissible
Service(s) to the rated entity or its related third parties within the
three years preceding the Credit Rating Action. Please see the
ratings disclosure page www.moodys.com/disclosures on our
website for further information.
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.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
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used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
VP - Senior Credit Officer
Financial Institutions Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Frankfurt am Main
MD - Banking
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's France SAS
Moody's upgrades short-term rating on Oddo & Cie to Prime-2 from Prime-3
96 Boulevard Haussmann
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
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