Subordinated debt and deeply subordinated debt issued by BFCM are notched down from CM11's VR in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles.
The ratings of the debt issued by BECM, which is guaranteed by BFCM, are primarily sensitive to changes in the latter's IDRs.
and business profiles of BFCM, CIC, and the whole cooperative Credit
deposit ratings of BFCM and CIC, while it is stable on their BFSRs, and
In addition to providing strategic advice to its members, CFCM through its subsidiary, BFCM, issues debt and other instruments in support of member banks and maintains the federation's solidarity fund.
As noted above, Bank, CIC, BFCM, and CFCM engage directly in the business of banking outside the United States.
is part of CM11 which belongs to Credit Mutuel group and a retail bank in France that provides home loans, SME and non-life insurance.
BFCM is part of CM11 which belongs to Credit Mutuel group, the second largest retail bank in France with a strong competitive positioning in home loans, SME and non-life insurance.
BFCM, the groups holding company, owns and controls the French and foreign operational subsidiaries (insurance, banking, IT, etc.
Standard & Poor's considers BFCM and CMCEE's credit risk to be identical, mainly because of the 100% ownership of the former by the latter and BFCM's total operational and administrative integration within the CMCEE group.
This could occur if there is no pick-up in CIC's profits or if BFCM fails to meet the challenge of managing and controlling a CIC group whose federal structure gives considerable autonomy to its constituent regional banks.
Therefore, there is no longer any justification for rating BFCM
higher than other members of the mutualist group.