...IDRs Equalised with Parent's: CrTdit Agricole Leasing & Factoring's (CAL&F) Issuer Default Ratings (IDRs) are equalised with those of CrTdit Agricole (CA; A/Positive) and its parent, CrTdit Agricole S.A. (CA S.A.; A/Positive), CA's listed central body. This reflects Fitch Ratings' opinion that CAL&F is a core subsidiary of CA S.A. Fitch believes there would be an extremely high probability that CA S.A. and CA would support CAL&F, if required. Central to CA's Strategy: CAL&F plays a strategic role within the group as it carries out its leasing and factoring activities, which are an important component of CA's product offering to corporate clients. CA's specialised financial services including leasing and factoring as well as consumer finance account for 5% to 10% of group operating profit, excluding the corporate centre. Close Integration with CA: CAL&F is fully owned by CA S.A. It is highly integrated into CA in terms of management, capital and liquidity. A sale is very hard to conceive....
