Core position within the Crédit Agricole group; Enhanced franchise and critical mass; and Improved asset quality and capitalization. Challenging revenue and efficiency enhancement targets; and Ambitious plans to grow complex trading activities including in equity derivatives, with inherent risks linked to the rapid development of this business. The ratings on France-based Calyon reflect its core position as the corporate and investment banking (CIB) arm of the Crédit Agricole group (whose member regional retail banks and central entity Crédit Agricole S.A., or CASA, are rated AA-/Positive/A-1+). As Standard&Poor's Ratings Services considers Calyon to be fully integrated into the group, implicit shareholder support is the key rating factor. Accordingly, the ratings match those on the member regional banks and CASA,
