Firm market leader in the French retail banking sector, generating good and predictable risk-adjusted earnings. Increasingly diverse business model and income sources, with leading franchises, notably in retail banking, insurance, and asset management. Sound earnings and cooperative status support internal capital generation. Weaker profitability over the next two years from the COVID-19-induced recession. Economic risk is relatively high in Italy, which the group considers its second home market. Low interest rates weigh on net interest margins, in line with the rest of the industry, heightening the need to further improve efficiency. S&P Global Ratings' negative outlook on France-based bank Credit Agricole S.A. (CASA; core bank of the Groupe Crédit Agricole [GCA]) and its core banking entities reflects the increasing economic
