Moody's assigns BPCE notes Baa3

Moody's Investors Service said it assigned a Baa3 foreign currency subordinated debt rating to BPCE's $1.5 billion 5.7% subordinated debt note maturing 2023.

This subordinated debt instrument is eligible for tier 2 capital treatment under French law.

The outlook is stable.

BPCE's Baa3 foreign currency subordinated debt rating is positioned one notch below the bank's baa2 adjusted standalone baseline credit assessment (adjusted BCA) and does not incorporate any rating uplift for systemic support, Moody's said. The bank's adjusted BCA is three notches higher than its ba2 standalone credit assessment, and incorporates three notches of cooperative support from Groupe BPCE.

This uplift reflects the very high probability of cooperative support for BPCE from the strong solidarity mechanisms prevailing within Groupe BPCE's domestic retail networks, according to the agency.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.