S&P elevates BPCE

S&P said it raised to A+ from A its long-term issuer credit ratings on BPCE and its core group members, including Natixis.

S&P also raised by one notch all the long-term ratings on these entities' debt, including hybrid capital instruments and senior nonpreferred notes.

At the same time, S&P raised its long- and short-term issuer credit ratings on BPCE's highly strategic subsidiary Credit Foncier de France (CFF) to A/A-1 from A-/A-2.

The outlook on all entities is stable.

“Following the strong improvement in capital and loss-absorbing capacity that BPCE achieved in 2017, we expect that the group will sustain a risk-adjusted capital (RAC) ratio above 10%, while further strengthening its bail-in-able debt buffer and additional loss-absorbing capacity (ALAC),” S&P said in a news release.

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