...Stable and Diversified Business Model: Credit Mutuel Alliance Federale's (CM Alliance Federale) ratings reflect its stable and diversified business model, low risk appetite and sound asset quality. They also reflect its resilient profitability, strong capitalisation and adequate liquidity. Rated on Standalone Basis: CM Alliance Federale comprises 13 of the 18 regional federations of local banks of the wider Credit Mutuel (CM) cooperative group and accounts for about 80% of CM's revenue, total assets and equity. Fitch Ratings considers CM Alliance Federale on a standalone basis as its large size would make it difficult for other CM group members to support it, despite the legally based mutual solidarity between them. In addition, an internal CM ruling allows the orderly liquidation of a failing regional group in the absence of agreement among CM group members to support it. Third Retail and Commercial Bank: CM Alliance Federale is third in retail and commercial banking in France and has...
