... S.A.'s (EFL) ratings reflect Fitch's view of an extremely high probability of support, if needed, from its 100% owner, Credit Agricole S.A. (CASA; A/Positive), the central body of Credit Agricole (CA; A/Positive). This is based on CA's strong credit profile and Fitch's view of CA's commitment to Poland and EFL. CASA's commitment to EFL is evidenced by its long-term ownership, substantial ordinary funding support provided to the subsidiary, and by CASA's other material investments in the local financial market, including in Credit Agricole Bank Polska (CABP). EFL's Moderate Strategic Importance: EFL's fairly strong franchise among local SMEs, due to its leading position in the leasing market, and opportunities for cross-selling to CABP (only partly utilised) underpin CA's propensity to support EFL. However, Fitch views EFL as having only moderate strategic importance for CA due to its small contribution to the parent group's profits and...
