Fitch: Credit Immobilier BB+

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BB+ to Credit Immobilier et Hotelier, along with short-term foreign- and local-currency issuer default ratings of B.

The agency also said it assigned to the company a viability rating of BB-, national long-term rating of AA-(mar) and short-term rating of F1+(mar).

The outlook is stable.

The ratings are based on potential support from the company’s majority shareholder, Caisse de Depot et Gestion, Fitch said.

The viability rating measures the bank's standalone financial strength and indicates that it is vulnerable to adverse changes in business or economic conditions, but that it has a moderate degree of fundamental financial strength, the agency said.

The ratings also reflect potential support from Caisse de Depot et Gestion, which controls 65.9% of the bank, Fitch said.

The company has a moderate franchise and concentrations in real estate development and the retail mortgage market, the agency said.

The company has some weaknesses in asset quality, along with asset- and liability-maturity mismatches, which expose the bank to potentially high interest-rate risk, Fitch said.

© 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.