Strengths:
• Second-largest retail bank in France.
• Well-anchored and solid franchise in main business of retail banking.
• Overall moderate risk profile.
Counterparty Credit Rating
A+/Stable/A-1
Weaknesses:
• Near-term earnings prospects below underlying capabilities amid moderate economic growth and low long-term
interest rates.
• Second-tier player in CIB.
• Natixis' large and risky legacy portfolio