...Strong Franchise in France: The ratings of Groupe Credit Mutuel-CM11 (CM11) reflect the group's strong franchise in retail and commercial banking in France and well-established life and non-life insurance operations, a fairly low risk appetite, and strong capitalisation and liquidity. The ratings also factor in a slightly higher impaired loans-to-gross loans ratio than the average for similarly rated international peers. Third-Largest French Cooperative Banking Group: CM11 is mainly active in France. Abroad, it is primarily active in consumer finance and its largest operations are in Germany. CM11 represents about 80% of the wider Credit Mutuel cooperative group and comprises 11 out of 18 reginal federations. We believe that the other entities of Credit Mutuel that are not part of CM11 do not constitute a drag to CM11's ratings based on their financial profile. Diversification Support Profit Resilience: CM11's profitability has been resilient. French retail banking revenue has suffered...
