...IDRs Aligned With Parent's: CrTdit du Nords (CN) IDRs are aligned with those of its 100% shareholder, SociTtT GTnTrale (SG; A/Negative/F1), reflecting Fitch Ratings view that CN is a core subsidiary for SG. Fitch considers there would be an extremely high probability of support from SG, if required. SGs IDRs are based on potential support available from the French state in case of need. In Fitchs view, this support would flow through to CN, given its role as an important contributor to SGs French retail and commercial banking network. Core Subsidiary for SG: CN is a core subsidiary for SG given CNs integral role in SGs domestic retail banking strategy, its full ownership by SG, its strong integration within SG, and its contribution to SGs retail banking profitability (25% of operating profit). Its management is strongly integrated within SG, which oversees CN's credit, market and liquidity risk policies. CN is of limited size relative to SG (5.5% of risk weighted assets at end-2013), which...
