‘Game over’ for CIF, despite government guarantee
The future looks bleak for Credit Immobilier de France (CIF), despite €28bn of French government guarantees that bode well for a spread tightening. A bank merger has not been entirely ruled out but as this would require a change of law, it looks unlikely. And, with the borrower’s viability rating downgraded to F, Fitch says it will be forced into run-off.
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