Core position within the Crédit Agricole group Enhanced franchise and critical mass Good revenue diversification and resulting earnings resilience Satisfactory asset quality Risk management challenge of keeping up with rapid organic growth Relatively high risk profile due to sizable trading risk and single-name concentration in the corporate book 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. (CASA), are rated AA-/Stable/A-1+. Because Standard&Poor's Ratings Services considers Calyon to be fully integrated into the group, implicit shareholder support is the key rating factor. The ratings also take into account Calyon's satisfactory stand-alone creditworthiness. The bank's
