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Credit Agricole S.A. And Core Subsidiaries Lowered To 'A+/A-1' Following Action On Greece; Outlook Stable May 11
Standard & Poors, May 2011
Abstract
On May 9, 2011, we lowered our sovereign ratings on Greece to 'B/C' from 'BB-/B' and maintained them on CreditWatch negative, reflecting rising rescheduling risk for Greece's sovereign debt. We consider that French banking group Cr-dit Agricole (GCA) has a significant sensitivity to Greece's creditworthiness and economic prospects, primarily through subsidiary Emporiki's funding needs and exposure to local credit risk. We are lowering our ratings on Cr-dit Agricole S.A. and its related core subsidiaries to 'A+/A-1' from 'AA-/A-1+'. The stable outlook reflects our view that GCA's businesses are performing well, and that the group has a strong retained earnings capacity which would allow it to absorb possible losses from Greek exposures and build up capital at a pace, and up...
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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