IXIS AA Rating From Thomas Murray Not Yet Affected By Merger With Credit Agricole To Form CACEIS

London based Thomas Murray, the custody rating, risk management and research firm, has confirmed that French domestic custodian IXIS Investor Services as retained its AA rating, with the service rating for taxation raised from A+ to AA . IXIS agreed

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London-based Thomas Murray, the custody rating, risk management and research firm, has confirmed that French domestic custodian IXIS Investor Services as retained its AA rating, with the service rating for taxation raised from A+ to AA-.

IXIS agreed in August last year to a merger with the investor services activities of Crdit Agricole S.A. (CA-IS) to create CACEIS Investor Services. Thomas Murray notes that, although IXIS IS and CA-IS businesses operate separately at the present, it is planned to integrate them during the next two years. “The impact of the planned future integration of the two businesses will be assessed in due course,” says Roger Fishwick, director of ratings at Thomas Murray.

Simon Thomas, Chief Ratings Officer of Thomas Murray, adds that the formation of CACEIS is a “positive development” that is “good for competition and the investment markets in France generally.”

Jean-Marc Eyssautier, chairman of IXIS IS, says IXIS Investor Services has always found the Thomas Murray examination process “invaluable.” He says the new joint venture with Credit Agricole is “a great opportunity to make significant further strides forward with the combined businesses, both in France and Europe more generally. “

The domestic custody rating issued by Thomas Murray is a business rating that assesses the operational performance of domestic custodians – financial institutions that hold securities in safekeeping for global custodian, broker dealer and domestic clients. The methodology considers the business credentials and service capabilities of custodians, and the quality and effectiveness of their operational infrastructure. It also assesses the custodian’s willingness and ability to protect their clients from losses and incorporates a risk analysis of the custodian. The ratings are on a consistent global scale, using the familiar AAA to C ratings methodology. Once the rating is assigned there is an ongoing surveillance process to monitor the custodian.

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