French banks ratings are downgraded by Moody's

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Source: BBC
© Scanpix/AFP

Credit ratings of three leading banks in France were downgraded by Moody's due to their borrowing difficulties. The credit rating agency decreased ratings of Credit Agricole and BNP Paribas to Aa3 down from Aa2. Societe Generale was downgraded from Aa3 to A1. Liquidity and funding deteriorated essentially for French banks, the agency explained.

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