PARIS (Standard&Poor's) Aug. 28, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on Crédit Agricole S.A. (CASA; AA-/Stable/A-1+) and related entities, which reflect our views of the creditworthiness of the larger Crédit Agricole cooperative group (Crédit Agricole), remained unchanged following the French bank's announcement of weak second-quarter and first-half 2008 results. Crédit Agricole group posted €1.6 billion in consolidated aftertax profit for first-half 2008, down 66% from first-half 2007, primarily as a result of the significant loss posted by its core corporate and investment banking (CIB) subsidiary Calyon (AA-/Stable/A-1+). Resilient contributions from retail banking, asset gathering, and specialized financial services activities allowed the group to remain in the black. However, the group's consolidated profitability,
