Core position within the Crédit Agricole group Enhanced franchise and critical mass Good revenue diversification and resulting earnings resilience Improved asset quality and capitalization Profitability continuing to lag that of major players Growing complex trading activities along with their intrinsic risk The ratings on France-based Calyon reflect its core position as the corporate and investment banking (CIB) arm of the Crédit Agricole group (member regional retail banks and central entity, Crédit Agricole S.A., or CASA; 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 CASA and the member regional banks, although Calyon is not part of the system of
