Excellent retail banking franchise in France. Strong funding and liquidity position. Diversified business profile and income sources, including a good franchise in financing and brokerage. Average risk profile. Risk reduction and cost efficiency strategy adapted to the lengthening financial downturn. Sizable corporate lending book that carries greater credit risk under current economic conditions. Corporate and investment banking activities that are suffering in the difficult operating environment. Challenge to turn around poorly performing Greek subsidiary Emporiki. Financial flexibility constrained by shareholder structure and just adequate capitalization. The ratings on French bank 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 (GCA), consisting primarily of the regional
