Recessionary conditions in the world's major markets could lead to more credit losses than we currently expect in the large loan portfolio of France-based banking group Crédit Agricole. We are revising the outlook on Crédit Agricole to negative from stable. We are affirming the 'AA-/A-1+' ratings based on our current expectation of moderate profits in 2009. On June 25, 2009, Standard&Poor's Ratings Services revised the outlook on Credit Agricole S.A. (CASA) and other core members of the banking group (see Ratings List below) to negative from stable, and affirmed the 'AA-/A-1+' long- and short-term counterparty credit ratings on them. At the same time, we revised the outlook to negative from stable on the group's related subsidiaries, CACEIS SAS
