January 28, 2013 / 4:05 PM / 5 years ago

TEXT-Fitch updates special report on Credit Mutuel

Link to Fitch Ratings' Report: Credit Mutuel's Structure, Solidarity Mechanisms
and Rating RationaleJan 28 - Fitch Ratings has updated its special report on Credit Mutuel
(CM). The report provides details of CM's organisational structure, identifies
the largest sub-groups operating within it and explains the solidarity
mechanisms within the group. The report further provides information regarding
Fitch's rating rationale applicable to CM entities.

Fitch does not assign any ratings to CM. CM does not have a cross-support
mechanism covering all its sub-groups. Moreover, CM lacks managerial and
strategic integration and does not operate as a homogeneous group. However,
Fitch rates CM11-CIC ('A+'/Stable), CM's largest sub-group. Fitch analyses
CM11-CIC on a consolidated basis (financial statements and risk profile) in
light of the solidarity mechanism in place within the sub-group. No other
sub-group is rated by Fitch. CM11-CIC represents almost 80% of CM's consolidated
assets and equity.

The special report is available at www.fitchratings.com or by clicking on the
link above.


Additional information is available on www.fitchratings.com.

Applicable criteria, "Global Financial Institutions Criteria", dated 15 August
2012, "Rating Criteria for Banking Structures Backed by Mutual Support
Mechanisms" dated 20 December 2012, "Evaluating Corporate Governance" dated 12
December 2012 are available at www.fitchratings.com.

Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
Rating Criteria for Banking Structures Backed by Mutual Support Mechanisms
Evaluating Corporate Governance

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