NEW YORK (Standard&Poor's) May 31, 2011--Standard&Poor's Ratings Services today lowered its ratings on two bond issues that are supported by Credit Agricole and Investment Bank's letters of credit (LOCs) to 'A+/A-1' from 'AA-/A-1+' (see list). Our ratings on these two bonds reflect our opinion of the credit and liquidity support that Credit Agricole Corporate and Investment Bank (A+/A-1) provides in the form of irrevocable direct-pay LOCs. The long-term components of our ratings are based on our long-term issuer credit rating on Credit Agricole Corporate and Investment Bank and address full and timely payments of interest and principal when the bondholders have not exercised the put option. The short-term components of our ratings are based on our
