Moody Downgrades French Banks Societe Generale and Credit Agrilcole; Warns Of Further Downgrades

Moody's has just downgraded the credit ratings of French banks Societe Generale and Credit Agricole
The agency had put them as well as BNP Paribas on review for downgrade in mid-June.

The rating on Societe Generale's long-term debt rating was cut to Aa3 and Credit Agricole's to Aa1, Moody's warned that both could have their ratings downgraded by a further notch as it assesses "the implications of the persistent fragility in the bank financing markets."

The agency said that BNP's rating also remains under review.