OREANDA-NEWS. Fitch Ratings has affirmed Natixis Bail's and Cicobail's certificate of deposit (CD) programmes, guaranteed by Natixis (A/Stable/F1), at Short-Term 'F1'.

KEY RATING DRIVERS

The Short-Term ratings of Natixis Bail's and Cicobail's guaranteed CD programmes are aligned with the Short-Term Issuer Default Rating (IDR) of Natixis. This reflects Fitch's view that Natixis is highly likely to honour its commitment as guarantor if required, as the guarantees are unconditional, irrevocable and on first demand.

The CD programmes are each subject to issuance limits of EUR100m.

The guarantee provided by Natixis on each programme amounts to EUR110m or 110% of the maximum notional of the CDs, to cover for 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 Bail and Cicobail are indirect subsidiaries of Natixis. They are fully integrated with the bank as part of the leasing arm of Natixis, and indirectly, of its ultimate parent, Groupe BPCE (GBPCE, A/Stable/F1).

RATING SENSITIVITIES

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

Natixis's IDRs are equalised with those of 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.