Excellent retail banking franchise in France Diversified business profile and income sources Moderate risk profile Large deposit base and resulting sound liquidity Financial pressure generated by poor corporate and investment banking performance and subprime exposure Strategic challenges and execution risk in repositioning the investment banking business Financial flexibility constrained by shareholder structure The ratings on Crédit Agricole S.A. (CASA) and related entities reflect Standard&Poor's Ratings Services' view of the creditworthiness of the larger Crédit Agricole cooperative group (Crédit Agricole) as a whole. France's second-largest banking group by total assets, Crédit Agricole consists primarily of CASA, its subsidiaries, and regional banks known as the Caisses Régionales de Crédit Agricole (CRCAs). The ratings on Credit Agricole are underpinned in particular
