...Ratings Aligned with Parent's: CrTdit du Nord's (CDN) Issuer Default Ratings (IDRs) and preferred senior debt ratings are aligned with the IDRs of its parent, SociTtT GTnTrale S.A. (SG, A/Stable/F1/a), reflecting CDN's key role in SG's domestic franchise as well as the subsidiary's strong integration within SG. We see an extremely high probability that CDN would receive support from SG, if required. Key to SG's Strategy: CDN is a significant contributor to SG's French retail and commercial banking operations as it generated about a quarter of this division's revenue in 2017 and a higher share of net income. CDN's small size compared with SG's (about 5% of SG's total assets at end-2017) should make any required support manageable for SG. Asset Quality Remains a Weakness: The Viability Rating (VR) of CDN reflects an adequate franchise in France, a stable business model weighted towards traditional commercial banking, its average risk appetite, resilient profitability and a sound liquidity...
