...Rating Aligned with Parent's: Credit du Nord S.A.'s (CdN) Issuer Default Ratings (IDRs) are aligned with its parent Societe Generale S.A.'s (SG) IDRs. This reflects CdN's key role in SG's domestic franchise as well as the subsidiary's strong integration within SG. Fitch Ratings sees an extremely high probability that CdN would receive support from SG, if required. Key to SG's Strategy in France: CdN is a significant contributor to SG's French retail and commercial banking operations. It generated about a quarter of this division's revenue in 2018 and a third of net income. CdN's small size compared with SG (about 5% of SG's total assets at end-2018) should make any required support manageable for SG. Asset Quality Remains a Weakness: CdN's Viability Rating (VR) considers the bank's adequate franchise in France, stable business model weighted towards traditional commercial banking, average risk appetite, resilient profitability and sound liquidity profile. CdN's asset quality is improving...
