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Research Update: Credit Agricole And Most Core Subsidiaries Long-Term Ratings Lowered To 'A' Following Action On France; Outlook Stable Jan 12
Standard & Poors, Jan 2012
Abstract
Standard & Poor's lowered its unsolicited long-term sovereign credit rating on the Republic of France to 'AA+' on Jan. 13, 2012. We also affirmed our unsolicited short-term rating on France at 'A-1+'. The outlook is negative. Following the sovereign action, we are lowering the long-term counterparty credit ratings on Cr-dit Agricole S.A. and its core subsidiaries (except Cariparma) to 'A', and removing the ratings from CreditWatch negative. We are also affirming the 'A-1' short-term ratings on these entities as well as all issue ratings on their subordinated debt and junior subordinated debt. The stable outlook reflects our expectation that the group will further strengthen its capital position over the next two years and that its underlying performance will demonstrate satisfactory...
Action: Downgraded
Action: Outlook: Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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