PARIS (Standard&Poor's) Sept. 19, 2007--Standard&Poor's Ratings Services said today that its ratings and outlooks on Calyon (AA-/Positive/A-1+) and parent group Crédit Agricole S.A. (CASA; AA-/Positive/A-1+) are unaffected by the subsidiary's announcement that it registered an unexpected trading loss of €250 million due to an unauthorized position on credit market indices taken by its New York proprietary trading desk in the last days of August. Following closure of the loss-making positions, Calyon expects to post still positive, but much weaker, third-quarter results than for third-quarter 2006. Standard&Poor's will monitor measures taken to remedy this operational risk failure. Despite this occurrence, we still consider CASA's overall risk management to be adequate. The ratings on Calyon reflect
