...IDRs Aligned With Parent's: Le Credit Lyonnais's (LCL) IDRs are equalised with those of CrTdit Agricole (CA) and those of CA's 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., and in turn from CA if required. Core Entity for CA: LCL is a core entity of CA given its integral role in the group's domestic retail banking strategy, its integration with the group and its ownership structure. LCL represents around 20% of CA's domestic retail loans and on- and off-balance-sheet deposits. VR Driven by Company Profile: LCL's moderate franchise and focus on retail banking in France (market shares of 7% in housing loans and 5% in deposits) are key rating drivers with a high influence on the Viability Rating (VR). The VR also reflects...
