...IDRs Aligned with Parent's: CrTdit du Nord's (CN) Issuer Default Ratings (IDRs) are equalised with its 100% shareholder's, SociTtT GTnTrale (SG; A/Stable/F1). This reflects Fitch Ratings' view that CN is a core subsidiary for SG and that there is an extremely high probability that CN would receive support from its parent if required. Core Subsidiary for SG: Fitch's view of CN's status as an SG core subsidiary is underpinned by its integral role in SG's domestic retail banking strategy and its strong integration within its parent. CN contributed around one-quarter of SG's retail banking division's operating profit in 2014. In addition, CN's moderate size relative to SG ¡ 4% of total assets at end-2014 ¡ should make financial support from SG manageable even if SG itself were to face financial stress. Asset Quality Constrains the VR: Weaker asset quality than domestic peers' is a constraint for CN's Viability Rating (VR). The VR also reflects its strong regional franchise, ability to achieve...
