Moody’s ups BPCE, subsidiaries

Moody’s Investors Service said it upgraded the long-term deposit and senior unsecured debt ratings of BPCE (A1/A1, stable, ba1) and affiliated subsidiaries, principally Natixis, Credit Foncier de France and Banque Palatine, to A1 from A2.

The agency also changed the outlooks to stable from positive.

Moody’s upgraded BPCE's standalone baseline credit assessment and adjusted BCA to ba1 and baa1 from ba2 and baa2, respectively.

The agency also upgraded Natixis' BCA to baa3 from ba1 and affirmed Banque Palatine's ba1 BCA.

Moody's placed Credit Foncier de France's b1 BCA under review, direction uncertain.

The junior senior unsecured and subordinated debt ratings of BPCE and affiliated subsidiaries were upgraded to Baa2 from Baa3, their non-cumulative preferred stock ratings to Ba1(hyb) from Ba2(hyb), their long-term counterparty risk ratings to Aa3 from A1 and their long-term counterparty risk assessments to Aa3(cr) from A1(cr).

Finally, Moody's affirmed the group's short-term ratings and counterparty risk assessments of Prime-1 and Prime-1(cr), respectively.

The agency said the action was primarily driven by BPCE's strengthened capitalization and increased diversification of revenue streams achieved over the past few years.

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