| Abstract: | The ratings on France-based Crédit du Nord S.A. (CDN) are based on the bank's core status within the domestic retail-banking activities of its parent company, Société Générale (SocGen; AA/Stable/A-1+), as well as its good retail franchise and solid stand-alone financial profile. The ratings on three of CDN's subsidiaries-- Banque Rhône Alpes S.A., Banque Tarneaud S.A., and Banque Kolb S.A. (all rated AA-/Stable/A-1+)--reflect their close integration with their direct parent CDN, and their overall satisfactory financial profile. The ratings on SocGen, in turn, reflect above all the bank's very strong business profile, good strategy, and strong financial profile. CDN is a midsize commercial bank, focused on retail activities, which serves individuals, self-employed professionals, and small and midsize enterprises (SMEs). The bank
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