...Stable and Diversified Business Model: Credit Mutuel Alliance Federale's (CM Alliance Federale) ratings reflect its stable and diversified business model, fairly low risk appetite and sound asset quality. The ratings also reflect CM Alliance Federale's resilient profitability, strong capitalisation and adequate liquidity. Rated on a Standalone Basis : CM Alliance Federale represents about 80% of the w ider Credit Mutuel (CM) group and comprises 11 of its 18 regional federations. By law , CM's central body, Confederation Nationale du Credit Mutuel, is responsible for the solvency and liquidity of its members. How ever, In Fitch Ratings' view , potential support from other regional groups is difficult to envisage for CM Alliance Federale given its large size. For this reason, w e rate CM Alliance Federale on a standalone basis. Third Retail and Com m ercial Bank: CM Alliance Federale ranks third in retail and commercial banking in France and has w ell-established life and non-life insurance...
