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