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Bulletin: Crédit Agricole And Calyon Ratings Remain Unaffected By Write-Downs And Rights Issue

Published May 15, 2008

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Abstract:

PARIS (Standard&Poor's) May 15, 2008--Standard&Poor's Ratings Services said today that its ratings on Credit Agricole S.A. and related entities and Calyon (all AA-/Stable/A-1+) remain unaffected by the French bank's announcement of a €5.9 billion rights issue, €1.2 billion in write-downs of U.S. subprime-related assets, and a poor first-quarter performance at the corporate and investment (CIB) division. The rights issue is aimed at strengthening CASA's capital position in a more turbulent environment and giving it room to pursue organic commercial development. The bank has repeated that it is currently ruling out acquisitions. CASA also raised its Tier 1 capital target to 8%-8.5% (under Basel II) from 7.5%-8% (under Basel I), a real reinforcement given that the bank's

Report Type:

Bulletin

Ticker

ACA@FP

Issuer

Credit Agricole S.A.

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Public Finance, Structured Finance

Country

France

Region

United States

Format:

PDF

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MLA:	S&P Global Ratings’ Credit Research. "Bulletin: Crédit Agricole And Calyon Ratings Remain Unaffected By Write-Downs And Rights Issue" May 15, 2008. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Cr-dit-Agricole-And-Calyon-Ratings-Remain-Unaffected-By-Write-Downs-And-Rights-Issue-648359>

APA:	S&P Global Ratings’ Credit Research. (). Bulletin: Crédit Agricole And Calyon Ratings Remain Unaffected By Write-Downs And Rights Issue May 15, 2008. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Cr-dit-Agricole-And-Calyon-Ratings-Remain-Unaffected-By-Write-Downs-And-Rights-Issue-648359>

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