Core position within the Crédit Agricole group Satisfactory franchise in financing and brokerage businesses Large, strategic repositioning launched to reduce risk and earnings volatility Satisfactory asset quality Large capital market and brokerage activities that are suffering from a very difficult operating environment Some residual exposure to subprime-related assets Exposure to the negative economic cycle through a large 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
