OREANDA-NEWS. Fitch Ratings has assigned Natixis Factor's, Natixis Lease's and Natixis Lease Immo's guaranteed certificate of deposit (CD) programmes a Short-term rating of 'F1'.

KEY RATING DRIVERS
The rating of Natixis Factor's, Natixis Lease's and Natixis Lease Immo's guaranteed CD programmes is aligned with Natixis's (A/Stable/F1) Short-term Issuer Default Rating (IDR). This reflects Fitch's belief that Natixis, which owns 100% of Natixis Factor and 99.8% of both Natixis Lease and Natixis Lease Immo, will support debt issued under these programmes, if required.

Fitch's expectation of support for the programmes reflects Natixis Factor's, Natixis Lease's and Natixis Lease Immo's ownership by, full integration with and strategic role as the factoring and leasing arms, of Natixis and, indirectly, of its ultimate parent Groupe BPCE (GBPCE, A/Stable/F1). Our expectation is further evidenced by the guarantee provided for the programmes.

Fitch notes that Natixis has provided a guarantee for payment in full of the principal and interests, if any, on the CD programmes; this guarantee is irrevocable and unconditional, under French law.

RATING SENSITIVITIES
Ratings for the programmes are sensitive to changes in the Short-term IDR of Natixis as well as changes in the strategic importance of Natixis Factor, Natixis Lease and Natixis Lease Immo to the rest of the group.

Natixis' IDRs are equalised with those of its ultimate parent, GBPCE. Thus, the Short-term IDR of Natixis would be expected to move in tandem with that of GBPCE, unless Natixis' strategic importance to, or integration with, GBPCE weakens, which Fitch views as unlikely.