Bulletin: Credit Agricole S.A. Ratings Unaffected By The Proposed Change In Group Structure

LONDON (Standard&Poor's) Feb. 18, 2016--Standard&Poor's Ratings Services said today that its 'A/A-1' long- and short-term issuer credit ratings on France-based Crédit Agricole S.A. (CASA) and Groupe Crédit Agricole's (GCA) other core banking entities are unaffected by the planned change to its group structure. We base our issuer and issue-level credit ratings on CASA and the other core entities of the group, including the 38 rated regional banks (caisses régionales), on the consolidated analysis of GCA. This approach largely reflects the solidarity mechanisms that exist between the various entities of the group, which we believe won't be affected by the proposed transaction. In addition, we anticipate that this internal change of structure will have no impact on

...LONDON (Standard & Poor's) Feb. 18, 2016--Standard & Poor's Ratings Services said today that its 'A/A-1' long- and short-term issuer credit ratings on France-based CrTdit Agricole S.A. (CASA) and Groupe CrTdit Agricole's (GCA) other core banking entities are unaffected by the planned change to its group structure. We base our issuer and issue-level credit ratings on CASA and the other core entities of the group, including the 38 rated regional banks (caisses rTgionales), on the consolidated analysis of GCA. This approach largely reflects the solidarity mechanisms that exist between the various entities of the group, which we believe won't be affected by the proposed transaction. In addition, we anticipate that this internal change of structure will have no impact on the consolidated earnings capacity and capital position. The proposed transaction, detailed on February 17 at the time of the 2015 results announcement, would lead to an intragroup transfer by CASA of its participation in the...

Bulletin