...Since end\######, Fitch Ratings has downgraded the Long\##Term (L T) Issuer Default Ratings (IDR) of four leading French banking groups, namely Cr dit Agricole (CA) group to AA\## from AA , Groupe Caisse d Epargne (GCE) to A+ from AA\## , Soci t G n rale (SG) to AA\## from AA and La Banque Postale (LBP) to AA\## from AA+ . As the French banking system is composed of large groups, many of which include subsidiary banks and financial companies which share the same, or notched, ratings, this means that a total of ## French bank and financial company IDRs have been downgraded by Fitch since the onset of the credit crisis in August ####. Individual Ratings have also suffered, namely those of Natixis (latest downgrade to D f rom C/D ), GCE and Groupe Banque Populaire (GBP) (both to C from B ), Calyon (to C from B/C ) and SG (to B from A/B ). With the exception of LBP, where the downgrading of its Support\##driven...
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