Business Services Industry
MOODY'S ASSIGNS POSITIVE OUTLOOKS TO BFCM'S AND CIC'S RATINGS
Info-Prod Research (Middle East), July, 2007
Moody's announced today that it has assignedpositive outlooks to the Bank Financial Strength Rating (BFSR) andLong-Term debt and deposit ratings of BFCM and to CIC's BFSR. Both BFCMand CIC are members of Credit Mutuel Centre Est Europe Group (CMCEE). Moody's notes that the financial fundamentals of CMCEE and both of itssubsidiaries, BFCM and CIC, have improved in 2006 and in early 2007.
Themost significant improvements included profitability and asset quality,but also CIC's capital adequacy. At the same time, the group is makingefforts towards a better restructuring of its risk management functionsand risk control processes. It is Moody's understanding that the grouphas decided to create a "Chief Risk Officer" position ("Directeur desRisques") and intends to generalise VaR...
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