...IDRs Aligned With Parent's: Le CrTdit Lyonnais's (LCL) IDRs are aligned with those of CrTdit Agricole (CA) and those of CA's listed central body, CrTdit Agricole S.A. (CA S.A.), which holds 95% of LCL's shares. Although LCL does not participate in CA's cross-support mechanism, the ratings alignment reflects Fitch Ratings' opinion that LCL is a core subsidiary for CA and that there would be an extremely high probability of support for LCL from CA S.A., if required. Core Subsidiary For CA: LCL is a core subsidiary for CA given its integral role in the group's domestic retail banking strategy, its 95% ownership by CA S.A., and its contribution to CA's domestic retail banking profitability. LCL contributes around 18% of CA's domestic retail loans, 22% of its domestic retail on- and off-balance-sheet deposits, and around 15% of its domestic retail banking net income. VR Reflects Bank Profile: LCL's Viability Rating (VR) reflects its solid domestic franchise, low risk appetite, ability to deliver...
