...IDRs Equalised With Parent's: Natixis' Issuer Default Ratings (IDRs) are aligned with those of Groupe BPCE (GBPCE; A/Stable), as it is part of GBPCE's cross-support mechanism according to the French Financial and Monetary Code. Fitch Ratings considers it extremely likely that GBPCE would support Natixis, if required. GBPCE's Commitment to Support: BPCE S.A., GBPCE's central body, is responsible for ensuring that Natixis meet liquidity and solvency requirements at any time, according to the French Financial and Monetary Code. The central body has access to the resources of all group entities that are part of the cross-support mechanism to do this. BPCE S.A. owns 72% of Natixis, with the rest being free-floating. Key to GBPCE's Strategy: Natixis has a strategic role within the group as it carries out some of GBPCE's core activities: wholesale banking (WB, ie corporate and investment banking), investment solutions (IS; largely asset management and insurance) and specialised financial services...
