26-Etude Fitch Banques Françaises

Banks France  Major French Banks Semi­Annual Special Report Review and Outlook Resilient Performance Domestically, But International Results Disappointing Summary Analysts As with several other large banks in Europe, the H110 results posted by leading Janine Dow French banks were much improved on comparable achievements for 2009. While +33 1 44 29 91 38 this is encouraging, Fitch Ratings is not expecting any positive impact on the banks’ janine.dow@fitchratings.com Long‐Term (LT) IDRs in the near future, and the Outlook on these is Stable. Eric Dupont +33 1 4429 91 31 One of the major banks, BNP Paribas (BNPP), saw its LT IDR downgraded by one eric.dupont@fitchratings.comnotch to ‘AA−’ in June 2010, largely reflecting the size of its corporate and investment banking (CIB) activities, and slightly below international peer average capital ratios, according to Fitch’s calculations. In September 2010, the Individual Ratings of Groupe BPCE (GBPCE) and its subsidiary Natixis were upgraded to ‘C’ and ‘C/D’ respectively. These rating actions reflected the reduced risk profile at Natixis and the indirect positive impact on the two banks’ profitability and capitalisation. At the same time, the hybrid instruments issued by group entities were upgraded to ‘BBB‐’ from ‘BB’. Table 1: Ratings Assigned by Fitch to Major French Banks LT IDR/ LT Rating Individual Support Support Rating Outlook ST IDR hybrids/prefs Rating Rating Floor Crédit Agricole AA‐/stable ...