...IDRs Equalised with Parent: CrTdit Agricole Leasing & Factoring's (CAL&F) Issuer Default Ratings (IDRs) are equalised with those of CrTdit Agricole (CA; A+/Stable). This reflects Fitch Ratings' opinion that CAL&F is a key and integral part of the group as the provider of leasing and factoring solutions. Fitch believes there would be an extremely high probability that CrTdit Agricole S.A. (CA S.A.; A+/Stable), CA's listed central body and CAL&F's parent, and ultimately CA would support CAL&F, if required. Key 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 leasing and factoring activities accounted for a small share of 2018 group revenues and pre-tax profit. 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. In Fitch's opinion, a sale is very hard...
