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French banks' credit ratings get the guillotine

Standard & Poor's wields the axe on to French banks' credit ratings, in line with France's overall downgrade

Credit ratings agency Standard & Poor's (S&P) has cut its long-term ratings for some of France's largest banks – including Société Générale, Credit Agricole and Groupe BPCE – which neatly falls in line with the downgrade of the country's sovereign rating and outlook.

Société Générale, Credit Agricole and Groupe BPCE have had one notch taken away, moving from A+ to A and accompanied by a stable outlook.


Caisse des Dépôts et Consignations stands at AA+ from AAA, with a negative outlook.

Surprisingly, though, BNP Paribas has escaped the credit-rating guillotine, as S&P reaffirmed its rating at AA-, although its outlook was switched to negative. 

For more coverage on this subject, check out the highlights from Euromoney:

CME: S&P downgrades were a "non-event" for many

S&P downgrade is nail in the coffin for EFSF

EFSF chief hits back at fund downgrade

Country risk: Is the UK riskier than France?

Country risk experts consider UK riskier than eurozone AAA sovereigns

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