S&P Global Ratings on May 31 affirmed France-based Crédit Mutuel Arkéa SACC's A/A-1 long- and short-term issuer credit ratings and subsequently withdrew them at the company's request.
The agency also affirmed and withdrew the bank's A foreign-currency rating, A/A-1 long- and short-term local-currency ratings, A+/A-1 resolution counterparty ratings and A senior unsecured debt rating.
The ratings reflect Crédit Mutuel Arkéa's status as a core member of the Crédit Mutuel Group despite intragroup tensions that led the agency to revise the outlook on the company to negative on Jan. 23, 2018.
Moreover, the outlook on Crédit Mutuel Arkéa was negative at the time of withdrawal, which reflected the agency's view that there a was one-in-three likelihood it could lower the company's ratings in the event that access to protecting financial mechanisms attached to group membership was compromised. The negative outlook also reflected the agency's view that Crédit Mutuel Arkéa's stand-alone creditworthiness would likely be weaker than that of the Crédit Mutuel Group.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.