OREANDA-NEWS. Fitch Ratings has affirmed the Short-Term ratings of Natixis Factor's, Natixis Lease's and Natixis Lease Immo's guaranteed certificate of deposit (CD) programmes at 'F1'.

KEY RATING DRIVERS

The Short-Term ratings of Natixis Factor's, Natixis Lease's and Natixis Lease Immo's guaranteed CD programmes are aligned with the Short-Term Issuer Default Rating (IDR) of Natixis (A/Stable/F1). This reflects Fitch's view that Natixis would be extremely likely to honour its commitment as guarantor if required, as the guarantees are unconditional, irrevocable and at first demand.

The CD programmes are subject to the following issuance limits:

- EUR100m for Natixis Factor

- EUR100m for Natixis Lease

- EUR100m for Natixis Lease Immo

The guarantee provided by Natixis on each programme amounts to EUR110m or 110% of the maximum notional of the CDs, to cover for the potential accrued interest. The guarantees are governed by French law and are given for an unlimited period of time. According to the terms of the guarantees, any termination would be subject to a three-month notification period and would not affect CDs issued before the termination date.

Natixis Factor, Natixis Lease and Natixis Lease Immo are direct and indirect subsidiaries of Natixis. They are fully integrated with the bank as factoring and leasing arms of Natixis and, indirectly, of its ultimate parent, Groupe BPCE (GBPCE, A/Stable/F1).

RATING SENSITIVITIES

The 'F1' Short-Term ratings assigned to the three CP programmes would move in tandem with the Short-Term IDR of Natixis and are sensitive to changes to the terms of the guarantees.

Natixis's IDRs are equalised with those of its ultimate parent GBPCE and will continue to move in tandem with those of GBPCE unless there is a change in the affiliation status, which Fitch views as extremely unlikely.