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S&P |

Standard & Poor's Places Several Large Bank Groups Across The Eurozone On CreditWatch Negative

Publication date: 07-Dec-2011 14:40:24 EST


LONDON (Standard & Poor's) Dec. 7, 2011--Standard & Poor's Ratings Services 
said today that it has placed its ratings on some of the largest rated banking 
groups in the eurozone on CreditWatch with negative implications (see ratings 
list below). Similar rating actions on other large banks in the eurozone will 
follow soon. This follows the placement of the sovereign credit ratings on 15 
members of the European Economic and Monetary Union (EMU or eurozone) on 
CreditWatch with negative implications on Dec. 5, 2011 (see "Standard & Poor's 
Puts Ratings On Eurozone Sovereigns On CreditWatch With Negative Implications")
. 

We believe that the ratings on Austria, Belgium, Finland, Germany, The 
Netherlands, and Luxembourg could be lowered by up to one notch, if at all, 
and those on Estonia, France, Ireland, Italy, Malta, Portugal, Slovak 
Republic, Slovenia, and Spain by up to two notches, if at all. 

We intend to resolve the CreditWatch placement on these banks soon after the 
resolution of the CreditWatch placement on the related sovereign.

We will publish individual research updates on some of the banks identified 
below including a list of ratings on affiliated rated entities. The research 
updates will be available at www.standardandpoors.com/AI4FI and on 
RatingsDirect on the Global Credit Portal. Ratings on specific issues will be 
available on RatingsDirect on the Global Credit Portal and 
www.standardandpoors.com following release. 


RATINGS LIST
The ratings listed below are issuer credit ratings.
                     To                         From

Barclays Bank Ireland PLC
Long-Term Counterparty Credit Rating
                     A-/Watch Neg              A-/Stable
Short-Term Counterparty Credit Rating
                     A-2                       A-2

BNP Paribas          AA-/Watch Neg/A-1+        AA-/Stable/A-1+
 Banca Nazionale del Lavoro SpA
                     A/Watch Neg/A-1           A/Negative/A-1
 BGL BNP Paribas S.A.AA-/Watch Neg/A-1+        AA-/Stable/A-1+
 BNP Paribas Personal Finance
                     AA-/Watch Neg/A-1+        AA-/Stable/A-1+
 BNP Paribas Cardif  A+/Watch Neg/--           A+/Stable/--
 Cardif Assurance Vie    
                     AA-/Watch Neg/--          AA-/Stable/--
 Cardif-Assurances Risques Divers
                     AA-/Watch Neg/--          AA-/Stable/--
 BNP Paribas (China) Ltd.
Long-Term Counterparty Credit Rating 
                     A+/Watch Neg              A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                       A-1
 BNP Paribas Securities Corp.
                     AA-/Watch Neg/A-1+        AA-/Stable/A-1+
 BNP Paribas Securities Services
                     AA-/Watch Neg/A-1+        AA-/Stable/A-1+
 Fortis Bank S.A./N.V.
                     AA-/Watch Neg/A-1+        AA-/Stable/A-1+

BPCE
Long-Term Counterparty Credit Rating
                     A+/Watch Neg              A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                       A-1
 BRED-Banque Populaire
 Long-Term Counterparty Credit Rating
                     A+/Watch Neg              A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                       A-1
 Compagnie Europeenne de Garanties et Cautions
                     A+/Watch Neg/--           A+/Stable/--
 Credit Foncier de France
                     A/Watch Neg/A-1           A/Stable/A-1
 Locindus S.A.
                     A/Watch Neg/A-1           A/Stable/A-1
 Natixis S.A.
Long-Term Counterparty Credit Rating
                     A+/Watch Neg              A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                       A-1
 Natixis Australia Pty Ltd.
Long-Term Counterparty Credit Rating
                     A+/Watch Neg              A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                       A-1
 Natixis Financial Products LLC
Long-Term Counterparty Credit Rating
                     A+/Watch Neg              A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                       A-1

Commerzbank AG       A/Watch Neg/A-1           A/Negative/A-1
Commerzbank International S.A.
                    A/Watch Neg/A-1           A/Negative/A-1
Commerzbank Europe (Ireland)
                    A/Watch Neg/A-1           A/Negative/A-1
Eurohypo AG         A-/Watch Neg/A-2          A-/Negative/A-2
EUROHYPO Europaeische Hypothekenbank S.A.
                    A-/Watch Neg/A-2          A-/Negative/A-2

Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
Long-Term Counterparty Credit Rating
                     AA/Watch Neg              AA/Stable
Short-Term Counterparty Credit Rating
                     A-1+                      A-1+
 Rabobank Australia Ltd.
Long-Term Counterparty Credit Rating
                     AA/Watch Neg               AA/Stable
Short-Term Counterparty Credit Rating
                     A-1+                       A-1+
 Rabobank New Zealand Ltd.
Long-Term Counterparty Credit Rating 
                     AA/Watch Neg               AA/Stable
Short-Term Counterparty Credit Rating
                     A-1+                       A-1+
 Rabohypotheekbank N.V.
                     AA/Watch Neg/--            AA/Stable/--

Credit Agricole S.A.
Long-Term Counterparty Credit Rating
                     A+/Watch Neg               A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                        A-1
 Banque de Financement et de Tresorerie
                     A/Watch Neg/A-1            A/Stable/A-1
 CA Consumer Finance
Long-Term Counterparty Credit Rating
                     A+/Watch Neg               A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                        A-1
 CACEIS
Long-Term Counterparty Credit Rating
                     A+/Watch Neg               A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                        A-1
 Cassa di Risparmio di Parma e Piacenza SpA
                     A/Watch Neg/A-1            A/Negative/A-1
 Credit Lyonnais
Long-Term Counterparty Credit Rating
                     A+/Watch Neg               A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                        A-1
 Credit Agricole CIB Australia Ltd.
Long-Term Counterparty Credit Rating
                     A+/Watch Neg              A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                       A-1
 Credit Agricole Corporate and Investment Bank
Long-Term Counterparty Credit Rating
                     A+/Watch Neg              A+/Stable
Short-Term Counterparty Credit Rating
                     A-1                       A-1
 Caisse Regionale de Credit Agricole Mutuel Alpes Provence 
 Caisse Regionale de Credit Agricole Mutuel Alsace-Vosges 
 Caisse Regionale de Credit Agricole Mutuel Atlantique Vendee 
 Caisse Regionale de Credit Agricole Mutuel Brie Picardie 
 Caisse Regionale de Credit Agricole Mutuel Centre-Est 
 Caisse Regionale de Credit Agricole Mutuel Charente Perigord
 Caisse Regionale de Credit Agricole Mutuel Nord de France 
 Caisse Regionale de Credit Agricole Mutuel Normandie 
 Caisse Regionale de Credit Agricole Mutuel Paris Ile-de-France 
 Caisse Regionale de Credit Agricole Mutuel Provence Cote d'Azur 
 Caisse Regionale de Credit Agricole Mutuel Pyrenees-Gascogne
 Caisse Regionale de Credit Agricole Mutuel Sud Rhone-Alpes 
 Caisse Regionale de Credit Agricole Mutuel Sud-Mediterranee 
 Caisse Regionale de Credit Agricole Mutuel Toulouse 31
 Caisse Regionale de Credit Agricole Mutuel d'Aquitaine 
 Caisse Regionale de Credit Agricole Mutuel d'Ille et Vilaine
 Caisse Regionale de Credit Agricole Mutuel de Centre Loire 
 Caisse Regionale de Credit Agricole Mutuel de Centre-France 
 Caisse Regionale de Credit Agricole Mutuel de Champagne-Bourgogne Caisse 
Regionale de Credit Agricole Mutuel de Charente-Maritime Deux Sevres
 Caisse Regionale de Credit Agricole Mutuel de Franche-Comte
 Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine
 Caisse Regionale de Credit Agricole Mutuel de l'Anjou et du Maine
 Caisse Regionale de Credit Agricole Mutuel de la Reunion 
 Caisse Regionale de Credit Agricole Mutuel de la Guadeloupe 
 Caisse Regionale de Credit Agricole Mutuel de la Touraine et du  Poitou 
 Caisse Regionale de Credit Agricole Mutuel des Cotes D'Armor
 Caisse Regionale de Credit Agricole Mutuel des Savoie
 Caisse Regionale de Credit Agricole Mutuel du Centre Ouest
 Caisse Regionale de Credit Agricole Mutuel du Finistere
 Caisse Regionale de Credit Agricole Mutuel du Languedoc
 Caisse Regionale de Credit Agricole Mutuel du Morbihan
 Caisse Regionale de Credit Agricole Mutuel du Nord-Est
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1

Deutsche Bank AG
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Deutsche Bank AG (Canada Branch)
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Deutsche Bank Luxembourg S.A.
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Deutsche Bank National Trust Company
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Deutsche Bank Securities Inc.
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Deutsche Bank Trust Corp.
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Deutsche Bank Trust Co. Americas
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Deutsche Bank Trust Company Delaware
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1

Deutsche Postbank AG
                   A/Watch Neg/A-1             A/Negative/A-1

Deutsche Securities Inc.
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Negative
Short-Term Counterparty Credit Rating
                   A-1                         A-1

Intesa Sanpaolo SpA
                   A/Watch Neg/A-1             A/Negative/A-1
 Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
                   A/Watch Neg/A-1             A/Negative/A-1
Banca IMI SpA
                   A/Watch Neg/A-1             A/Negative/A-1

Ulster Bank Ltd.
                   BBB+/Watch Neg/A-2          BBB+/Stable/A-2
Ulster Bank Ireland Ltd. 
                   BBB+/Watch Neg/A-2          BBB+/Stable/A-2

Rabobank USA Financial Corp.
                   A-1+                        A-1+
Societe Generale
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Banque Kolb S.A.
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Banque Rhone Alpes S.A.
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Banque Tarneaud S.A.
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Credit du Nord S.A. 
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Franfinance
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Komercni Banka A.S.
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 SG Americas Securities LLC
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1
 Societe Generale Bank & Trust
Long-Term Counterparty Credit Rating
                   A+/Watch Neg                A+/Stable
Short-Term Counterparty Credit Rating
                   A-1                         A-1

UniCredit SpA
                   A/Watch Neg/A-1             A/Negative/A-1
 UniCredit Leasing SpA
                   A/Watch Neg/A-1             A/Negative/A-1 
 UniCredit Bank Austria AG
                   A/Watch Neg/A-1             A/Negative/A-1
 UniCredit Bank AG
                   A/Watch Neg/A-1             A/Negative/A-1
 Bank Polska Kasa Opieki S.A.
Long-Term Counterparty Credit Rating
                   A-/Watch Neg                A-/Stable
Short-Term Counterparty Credit Rating
                   A-2                         A-2

RELATED CRITERIA AND RESEARCH
Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.  Alternatively, call one of the following Standard & Poor's numbers: 
Client Support Europe (44) 20-7176-7176; London Press Office (44) 
20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm 
(46) 8-440-5914; or Moscow 7 (495) 783-4009.
Primary Credit Analyst:Jesus Martinez, Madrid (34) 91-389-6941;
jesus_martinez@standardandpoors.com
Secondary Contacts:Markus Schmaus, Frankfurt (49) 69-33-999-155;
markus_schmaus@standardandpoors.com
Renato Panichi, Milan (39) 02 72111-215;
renato_panichi@standardandpoors.com
David Harrison, London (44) 20-7176-7064;
david_harrison@standardandpoors.com
Additional Contact:Financial Institutions Ratings Europe;
FIG_Europe@standardandpoors.com

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