Following a review of Crédit Agricole S.A. (CASA) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A+/A-1' ratings on CASA. We lowered our ratings on most of the group's hybrid capital instruments by one notch and ratings on dated subordinated debt to 'BBB+' from 'A'. Other rating actions on debt issues and subsidiaries are listed below. Our ratings on CASA factor in an 'a-' anchor and our view of its strong business position, moderate capital and earnings, adequate risk position, and average funding and adequate liquidity, as our criteria define these terms. The long-term rating benefits from two notches of support uplift reflecting our view of Crédit Agricole group's high systemic importance
