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TEXT-Fitch affirms CIFD at 'A'; outlook stable
2012年5月11日 / 下午4点12分 / 5 年前

TEXT-Fitch affirms CIFD at 'A'; outlook stable

May 11 - Fitch Ratings has affirmed Credit Immobilier de France
Developpement's (CIFD) Long-term Issuer Default Ratings (IDR) at 'A' and
Short-term IDR at 'F1'. The agency has revised the Outlook on the group's
Long-term IDR to Stable from Negative. At the same time, the bank's Viability
Rating (VR) has been downgraded to 'bbb+' and placed on Rating Watch Negative
(RWN). A full list of rating actions is at the end of this comment.	
	
The rating actions follow the suspension of the group's senior unsecured and
mortgage covered bond trading on 8 May 2012 and reflect the potential impact on
the group's future.	
	
The downgrade of the group's VR and placement on RWN are linked to CIFD's bond
trading being suspended following the group's failure to publish audited 2011
accounts and therefore necessary information to wholesale investors. This
constitutes a breach according to the French regulator Autorite des Marches
Financiers and the group cannot envisage any public issuance before the 2011
accounts have been released. If the group's inability to refinance in the market
continues, the VR could be downgraded by several rating categories. Fitch
previously highlighted its concerns about CIFD's strong dependence on wholesale
funding and use of covered bonds (see "Fitch Revises CIFD's Outlook to Negative
from Stable; Affirms IDR at 'A'", dated 17 January 2012 at
www.fitchratings.com). If CIFD's ability to issue debt in the market is renewed,
capacity to issue at sustainable spreads after this trading suspension will have
to be assessed before resolving the RWN.	
	
The trading suspension highlights how risky CIFD's funding model has become in
the current environment and CIFD's reputation will undoubtedly be damaged.
Therefore, Fitch's base case scenario is for CIFD to be sold to a solid European
banking group in the short to medium term. Fitch believes that the French state
supports this option, and would provide direct liquidity support to the group in
the meantime in case of need.	
	
Nevertheless, CIFD is not under any pressure to issue mortgage covered bonds in
the short term due to its stock of repoable assets. Given CIFD's strong
reputation as a real estate specialist in France, the group's failure would be
damaging for the French banking system and difficult to endorse by the French
government. Fitch therefore estimates there is an extremely high probability
that the French state would intervene to secure CIFD's future if required, as
reflected in the upgrade of CIFD's Support Rating to '1' and revision of the
Support Rating Floor to 'A'.	
	
The group's IDRs could be upgraded if CIFD was sold to a strongly rated European
banking group.	
	
The rating actions are as follows:	
	
The Long-term IDRs of the entities below have been affirmed at 'A'. The Outlook
on the Long-term IDRs have been revised to Stable from Negative. The Short-term
IDRs have been affirmed at 'F1'.	
	
Credit Immobilier de France Developpement (CIFD) (CIFD group)	
Caisse Centrale du Credit Immobilier de France (3CIF) (CIFD group)	
Credit Immobilier de France Bretagne (CIFD group)	
Credit Immobilier de France Centre-Ouest (CIFD group)	
Credit Immobilier de France Ile-de-France (CIFD group)	
Credit Immobilier de France Mediterranee (CIFD group)	
Credit Immobilier de France Nord (Group CIFD)	
Credit Immobilier de France Ouest (CIFD group)	
Credit Immobilier de France Sud-Ouest (CIFD group)	
Credit Immobilier de France R.A.A. (CIFD group)	
Credit Immobilier de France Centre Est (CIFD group)	
Societe Financiere pour L'Accession a La Propriete (CIFD group)	
Banque Patrimoine et Immobilier (BPI) (CIFD group)	
	
CIFD	
Viability Rating: downgraded to 'bbb+' from 'a'; placed on RWN	
Support Rating: upgraded to '1' from '2'	
Support Rating Floor: revised to 'A' from 'BBB+'	
	
Caisse Centrale du Credit Immobilier de France (3CIF) (CIFD group)	
Support Rating: upgraded to '1' from '2'	
Support Rating Floor: revised to 'A' from 'BBB+'	
Senior Unsecured Debt: affirmed at 'A'	
Commercial Paper Programme: affirmed at 'F1'	
Certificate of Deposit Programme: affirmed at 'F1'	
	
Additional information is available at www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.	
	
Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 16
August 2011'; 'Recovery Ratings for Financial Institutions', dated 16 August
2011, and 'Rating Criteria for Banking Structures Backed by Mutual Support
Mechanisms', dated 11 April 2012, are available at www.fitchratings.com	
	
Applicable Criteria and Related Research:	
Global Financial Institutions Rating Criteria	
Recovery Ratings for Financial Institutions	
Rating Criteria for Banking Structures Backed by Mutual Support Mechanisms

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