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���������ֳ�-Paris/London-27 March 2009: This is a correction for a previous message. It places the 'A+' LT IDR of the entities belonging to GBP listed at the foot of the text on RWN rather than changing their Outlook to Negative from Stable as previously stated. Their ST IDRs have been affirmed.

���������ֳ� has today placed Groupe Caisse d'Epargne (GCE), Natixis and Groupe Banque Populaire's (GBP) Long-term Issuer Default Ratings (IDRs) of 'A+' respectively on Rating Watch Negative (RWN). The agency has simultaneously downgraded the Individual Ratings of GCE and GBP to 'C/D' from 'C' and downgraded Natixis's Individual Rating to 'E' from 'D'.

���������ֳ� has also placed the LT IDRs of GCE's and GBP's central bodies, Caisse Nationale des Caisses d'Epargne et de Prevoyance (CNCE) and Banque Federale des Banques Populaires (BFBP), on RWN. Tier 2 qualifying subordinated debt issued by CNCE, BFBP and Natixis, rated 'A', has also been placed on RWN. Tier 1 qualifying subordinated debt (deeply subordinated debt - 'titres super subordonnes') issued by CNCE (see the list below) and NBP Capital Trust I's issues have been downgraded to 'BB+' from 'A', and placed on RWN.

At the same time, the agency has affirmed GCE's, GBP's, CNCE's, BFBP's and Natixis's Short-term IDRs at 'F1' and Support Ratings at '1', respectively, as well as GCE's, GBP's, CNCE's and BFBP's Support Rating Floors at 'A-' (A minus).

The 'A+' LT IDRs of Banque Palatine (BP) and Credit Foncier de France (CFF), which are affiliated to CNCE and thus reflect its IDRs, have also been placed on RWN. Tier 2 qualifying subordinated debt issued by CFF, rated 'A', has also been placed on RWN. BP's and CFF's ST IDRs, Support Ratings and Individual Ratings have been respectively affirmed at 'F1', '1' and 'C'.

���������ֳ� has also placed the Insurer Financial Strength Rating (IFS) of 'AA' and the IDRs of 'AA-' (AA minus) assigned to the major insurance entities of Coface group (Coface) on RWN. The agency has also placed Coface S.A.'s and Coface Kreditversicherung AG's, the German insurance subsidiary of Coface, Short-term IFS 'F1+' ratings on RWN. Coface's entities and their respective ratings are listed below.

Natixis, the wholesale lending, investment banking and specialised services bank jointly owned by GCE and GBP (around 35% each), is affiliated to both GCE and GBP and its IDRs are support-driven. GCE and GBP have demonstrated strong support for their subsidiary, injecting around EUR4.5bn of additional capital into the bank since the beginning of 2008 and agreeing to acquire its troubled monoline insurance company. Natixis nonetheless remains loss-making and prospects for its core investment banking division, originally conceived to specialise in structured finance, are limited. The impact of the current global financial crisis has weighed heavily on Natixis, including writedowns of securities, other write offs, compensation paid to investors in the asset management division and general impairments (exceeding EUR4bn by Q308) expected to wipe out new capital provided by strategic shareholders.

"Management's efforts to reposition the bank in a very difficult environment have not yet succeeded in stemming losses and as such, ���������ֳ� expects Natixis will remain dependent on additional capital injections to support its minimum target 8.5% Tier 1 capital ratio," says Janine Dow, Senior Director at ���������ֳ�'s Financial Institutions group. This requirement for continued external support is the main reason for the downgrade of the bank's Individual rating to 'E'.

The proposed merger of GCE and GBP, announced in October 2008, is viewed positively by ���������ֳ� as it will create a large banking group with an estimated deposit market share in excess of 20%. Nevertheless, execution risks are considerable, especially in the current stressed operating environment which has made it harder to close deals.. Natixis will still represent a large part of the new group and until a viable solution is found for the bank, it will continue to drain the resources of the new group. ���������ֳ� believes a more lasting solution for resolving Natixis's problems will have to be identified in the short-term. Failing this, profitability at the newly-merged group is expected to be constrained as Natixis's losses will continue to erode contributions from the retail networks. ���������ֳ� will be in a better position to resolve the RWN assigned to the LT IDRs of the entities concerned once firmer announcements concerning the proposed merger of GCE and GBP are made available, and after additional light is shed on Natixis's future. The LT IDRs of GCE and GBP mainly reflect their well established domestic franchise and good access to stable retail deposits. As France's economy slows and unemployment rises, prospects for retail banking in France are worsening, but it is the poor outlook for investment banking and Natixis' continued need for capital which is increasingly compromising the financial strength of these two, once safe, cooperative banking groups.

���������ֳ�'s rating decision has no impact on the rating of the obligations foncieres of Compagnie de Financement Foncier.

The LT rating of 'AAA' assigned to some of Natixis' commitments guaranteed by Caisse des Depots et Consignations has been affirmed. A RWN has been assigned to Natixis' commitments guaranteed by CNCE.

Coface's ratings are as follows:

Coface S.A.: IFS 'AA'; Long-term IDR 'AA-' (AA minus); Short-term IFS 'F1+' all placed on RWN
Coface Kreditversicherung AG: IFS 'AA'; Short-term IFS 'F1+' both placed on RWN
Coface Assicurazioni Spa: IFS 'AA' placed on RWN
Coface Austria Kreditversicherung AG: IFS 'AA' placed on RWN
Coface North America Insurance Company: IFS 'AA' placed on RWN
Coface Finanz GmbH: Long-term IDR 'AA-' (AA minus) placed on RWN
Coface Holding AG: Long-term IDR 'AA-' (AA minus) placed on RWN

The 'A+' LT IDR of the following entities belonging to GBP are placed on RWN; their ST IDRs of 'F1' are affirmed:
Banque Federale des Banques Populaires
Banque Populaire Atlantique
Banque Populaire Bourgogne, Franche-Comte
Banque Populaire Centre Atlantique
Banque Populaire Cote d'Azur
Banque Populaire d'Alsace
Banque Populaire de l'Ouest
Banque Populaire de Lorraine-Champagne
Banque Populaire des Alpes
Banque Populaire du Massif-Central
Banque Populaire du Nord
Banque Populaire du Sud
Banque Populaire du Sud-Ouest
Banque Populaire Loire et Lyonnais
Banque Populaire Occitane
Banque Populaire Provencale et Corse
Banque Populaire Rives de Paris
Banque Populaire Val-de-France
BRED - Banque Populaire
CASDEN - Banque Populaire
Credit Cooperatif
Groupe Credit Cooperatif
Credit Maritime Mutuel
Societe Centrale de Credit Maritime Mutuel

CNCE's undated subordinated debt is downgraded to 'BB+' RWN.


GBP's ratings above are being maintained at ���������ֳ�'s initiative as a service to investors. The issuer did not participate in the rating process other than through the medium of its public disclosure.

Contacts for Banks: Janine Dow, Paris, Tel: +33 (0)1 4429 9138; Eric Dupont: +33 (0)1 4429 9131; Insurance - Marc-Philippe Juillard, Paris, Tel: +33 (0) 1 4429 9137.

Media Relations: Francoise Alos, Paris, Tel: +33 1 44 29 91 22, Email: francoise.alos@fitchratings.com; Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.