- Standard & Poor's
Standard & Poor's cut credit ratings of four French banks, a move expected by markets after the credit agency downgraded France's top notch sovereign credit rating on January 13.
S&P cut Societe Generale, Groupe BPCE and Credit Agricole to A from A+, with a stable outlook and downgraded Caisse des Depots et Consignations to AA+ from AAA, with a negative outlook.
"We have also affirmed the 'AA-/A-1+' long- and short-term counterparty credit ratings on BNP Paribas and the long-term 'AA-' rating on Credit Logement," the agency said in a statement.
"We consider that French banks will be able to maintain their lending activity in their core businesses," the statement said.
"They should achieve their funding programs for 2012 either through unsecured public placements or through a mix of alternative sources—private placements, debt issued to network clientele, or covered bond instruments," it said.
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