...Strong and Diversified Company Profile: Groupe BPCE's (GBPCE) ratings reflect the group's strong and diversified company profile focused on French retail and commercial banking, fairly low risk appetite, strengthening capitalisation and sound liquidity. The ratings also factor in a higher impaired loans/gross loans ratio than the average for similarly rated international peers. Cooperative Structure: GBPCE is a cooperative banking group bound by a legally established cross-support mechanism comprising its 14 Banques Populaires (BPs), 16 Caisses d'Epargne et de Prevoyance (CEPs), its central body BPCE S.A. and its main subsidiaries Natixis, Credit Foncier de France (CFF) and Banque Palatine. Fitch Ratings has the same Issuer Default Ratings (IDRs) for GBPCE, BPCE S.A., the regional banks, Natixis, CFF and Banque Palatine. Sound and Improving Capitalisation: GBPCE's capitalisation is sound and improving thanks to solid internal capital generation and regular issuance of cooperative shares....
