December 13, 2016 / 2:44 PM / 7 months ago

Fitch Withdraws 3 Banques Populaires' Ratings on Merger

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(The following statement was released by the rating agency) PARIS, December 13 (Fitch) Fitch Ratings has withdrawn the ratings of Banque Populaire Loire et Lyonnais, Banque Populaire du Massif-Central and Banque Populaire Cote d'Azur following their mergers into other Banque Populaires (BPs), members of Groupe BPCE (GBPCE). GBPCE (A/Stable/F1) is a cooperative banking group bound by a legally established cross-support mechanism comprising its 15 BPs, its 17 Caisses d'Epargne et de Prevoyance (CEPs), its central body (BPCE S.A.) and its main subsidiaries Natixis, Credit Foncier de France (CFF) and Banque Palatine. All entities share the same Issuer Default Ratings (IDRs). The mergers are part of GBPCE's efforts to rationalise the group's organisational structure. Banque Populaire Loire et Lyonnais and Banque Populaire du Massif-Central merged on 7 December 2016 into Banque Populaire des Alpes, subsequently renamed Banque Populaire Auvergne Rhone Alpes. Banque Populaire Cote d'Azur merged on 22 November 2016 into Banque Populaire Provencale et Corse, subsequently renamed Banque Populaire Mediterranee. KEY RATING DRIVERS The 'A' Long-Term IDRs and 'F1' Short-Term IDRs of Banque Populaire Loire et Lyonnais, Banque Populaire du Massif-Central and Banque Populaire Cote d'Azur were withdrawn because the three regional banks no longer exist as separate entities following their merger into other BPs. As a result Fitch will no longer provide ratings or analytical coverage of these issuers. RATING SENSITIVITIES Not applicable. Contact: Primary Analyst Francois-Xavier Deucher, CFA Director +33 1 44 29 92 72 Fitch France S.A.S 60 rue de Monceau 75008 Paris Secondary Analyst Julien Grandjean Analyst +33 1 44 29 91 41 Media Relations: Francoise Alos, Paris, Tel: +33 1 44 29 91 22, Email: francoise.alos@fitchratings.com; Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Global Bank Rating Criteria - Effective from 20 March 2015 to 15 July 2016 (pub. 20 Mar 2015) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. 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