...Shareholder Support Drives Rating: Credit Mutuel Caution Habitat SA's (CMCH) rating is aligned with the Issuer Default Rating (IDR) of its ultimate parent Credit Mutuel Alliance Federale (CM Alliance Federale; A+/Negative). This reflects Fitch Ratings' view of a very high ability and propensity of support from CM Alliance Federale, if needed. This view is mostly based on CMCH's strategic role within the group. CMCH is an integral part of the banking group, as its financial guarantees are key to CM Alliance Federale's promotion of its home loans. Core to BFCM: CMCH guarantees loans originated by CM Alliance Federale and relies on the parent to distribute its products. It is fully owned by Banque Federative du Credit Mutuel S.A. (BFCM; A+/Negative), which coordinates the group's subsidiaries, and is a sister company to Cautionnement Mutuel de l'Habitat (CMH). Before 2017, CMH was the only home loan guarantor of CM Alliance Federale. CMCH was then created to guarantee home loans issued by...
