Moody's downgrade French top banks

© Scanpix/Reuters

Moody's Investors Service cut the credit ratings Societe Generale SA, BNP Paribas SA and Groupe Credit Agricole. Moody's claimed there is a very high probability the financials will get government support if needed. Agency cut credit rating for Societe Generale to A1 while ratings for BNP Paribas and Credit Agricole were reduced one level down to Aa3. The downgrading proposes threat to France's AAA debt rating.