...Standalone Strength: CrTdit Agricole's (CA) ratings reflect its leading position as a bancassurer in France, which supports solid and diversified earnings, and a generally moderate and reduced risk appetite. The ratings also reflect the group's sound asset quality, solid and improving capital ratios, and satisfactory funding and liquidity position. CA is not a single entity, but a cooperative banking group. Its 39 regional banks (caisses rTgionales; CRs), CrTdit Agricole S.A. (CA S.A., the group's central body and publicly listed entity) and CrTdit Agricole Corporate and Investment Bank (CACIB) are bound by a cross- support mechanism, according to the French Financial and Monetary Code. As such, Fitch Ratings has the same IDRs for CA, CA S.A. and CACIB. Leading French Bancassureur: CA is the leading French retail banking group. Its business model is well diversified. CA's domestic retail banking activities are the largest contributor to operating profit and generate solid and stable earnings....
