Credit Immobilier de France’s auditors won’t sign off on the 2011 accounts because Moody’s Investors Service has said it may cut the real-estate lender’s credit rating by four levels, Le Figaro reported, without saying where it got the information.
The auditors say they can’t attest to Credit Immobilier’s “operating continuity,” the newspaper reported today. The firm doesn’t collect deposits, and instead borrows money in financial markets to lend for home loans, Le Figaro reported.
Credit Immobilier had profit of about 78 million euros ($101 million) last year, equal to the level of 2010, the newspaper reported, citing a person close to the situation. Nothing changed at Credit Immobilier between Dec. 27, when Moody’s confirmed the company’s rating, and Feb. 16, when it said may lower the rating, the newspaper reported, quoting the unidentified person.
The situation may prompt the Finance Ministry to seek a way reinforce Credit Immobilier, because its model of financing in the markets is too fragile, the daily said.
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