Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDR) of Groupe Caisse d'Epargne (GCE), Caisse Nationale des Caisses d'Epargne et de Prevoyance (CNCE), Natixis, Ixis Corporate & Investment Bank (ICIB), Coface group (Coface), Banque Palatine (BP) and Credit Foncier de France (CFF) to 'AA-' (AA minus) from 'AA'. The Outlooks for these Long-term IDRs are Negative, with the exception of the Outlook for the Long-term IDR of Coface which remains Stable, based on its stand-alone financial strength. Fitch has also affirmed the Short-term IDRs and Support ratings of the above banks at 'F1+' and '1', respectively. Fitch has downgraded Natixis's Individual rating to 'C' from 'B/C'. Fitch affirmed the Individual ratings as follows: GCE at 'B'; BP, CFF and ICIB at 'C'. GCE's and CNCE's Support Rating Floors are affirmed at 'A-' (A minus). Fitch has downgraded all Long-term senior debt issued by the above entities to 'AA-' (AA minus) from 'AA'. Subordinated debt is downgraded to 'A+' from 'AA-' (AA minus).
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Coface assigned Aa3 rating by Moody's
Moody's assigned its Aa3 insurance financial strength rating to Coface SA and its main subsidiaries in April 2003. The ratings reflect the Group's strong position as the third largest credit insurance group in the world. The Group offers a wide range of credit-insurance related products, including factoring and bonding as well as commercial credit insurance, and in addition provides a full range of credit-related services to its clients, such as credit information and receivables management. As such, the Group maintains a relatively diversified level of income streams.
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Coface assigned AA (outlook negative) ratings by Standard & Poor's
The ratings on the core operating entities of French credit insurance group Coface (France based Coface SA, Germany based Coface Kreditversicherung AG, Italy based Coface Assicurazioni SpA, U.S. based Coface North America Insurance Co., Austria based Austria Versicherung AG, and Germany based Coface Finanz GMBH ) reflect the group's status as a wholly owned core subsidiary of Natixis SA (AA/negative/A-1+), which itself holds a central role within the Banques Populaires group (whose central body, Banque Fédérale des Banques Populaires, is rated AA-/Stable/A-1+) and the Caisse d'Epargne group (whose central body, Caisse Nationale des Caisses d'Epargne et de prévoyance is rated AA/Negative/A-1+)
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