...Relatively high economic risk of Italy, a country the group considers its second home market. Outlook: Negative The negative outlook on CrTdit Agricole S.A. (CASA) reflects the possibility of the CrTdit Agricole group (GCA) not improving its financial profile in line with our expectations, notably its capital and funding. This could have a negative impact on the stand-alone credit profile (SACP). The outlook also reflects the possibility of us downgrading France which, if combined with a lowering of the SACP on the bank, would lead to a reduction in the degree of government support incorporated into the rating. We note that, under our criteria, if all other factors remained the same, we would not automatically downgrade CASA if we lowered the ratings on France. We might change the outlook to stable if we perceived further increased visibility on the improvement of GCA's performances and financial profile....
