Core position within the Crédit Agricole group; Enhanced franchise and critical mass, which have nevertheless not yet translated into significant business volume and revenue growth; Improved asset quality and capitalization. Substantial integration risks, illustrated by Calyon's difficulties in stabilizing its management teams since its inception; and Subdued profitability, which will nevertheless benefit from postmerger cost cutting. The ratings on France-based bank Calyon reflect its core position within the Crédit Agricole group (whose member regional retail banks and central entity Crédit Agricole S.A. (CASA) are rated AA-/Stable/A-1+), for which it is the corporate and investment banking arm. Standard&Poor's Ratings Services considers that the bank is fully integrated into its parent group. Calyon's ratings accordingly match those of the group's
