Excellent retail-banking franchise in France Diversified business profile and sources of income Fairly low risk profile Large deposit base and resulting sound liquidity Only average capital position Untested track record with regard to numerous recent international acquisitions Additional revenue volatility and inherent risks from increasingly complex trading activities Financial flexibility constrained by shareholder structure The ratings on Crédit Agricole S.A. (CASA) and related entities, together France's largest banking group, reflect Standard&Poor's Ratings Services view of the creditworthiness of the Crédit Agricole group (Crédit Agricole) as a whole. The ratings are underpinned by the group's position as the clear market leader in retail banking in France, diversified business profile and resulting sources of income, and fairly low risk profile.
