Clear market leader in the French retail banking sector, where the bank generates good and stable earnings. Diversified businesses and income sources. Sound earnings and cooperative status support internal capital generation. Relatively high economic risk in Italy, which the group considers to be its second home market. Potential extraordinary government support for European banks, including Crédit Agricole S.A., is likely to decrease as resolution frameworks are put into place. The negative outlook indicates that we could remove the one notch of uplift that we factor into our ratings on Crédit Agricole S.A. (CASA) if we believe that the potential for extraordinary support for French banks has become too unpredictable. If we categorize France as "support uncertain," we would remove the
