We believe the prospect of extraordinary government support for French banks is now uncertain in view of the country's well-advanced and effective resolution regime. We are therefore removing the one notch of uplift for government support that we had previously incorporated into the long-term counterparty credit ratings on Crédit Agricole S.A. (CASA) and the principal operating entities of Groupe Crédit Agricole (GCA). However, we now include one notch of uplift into the long-term ratings on GCA's core banking subsidiaries because we consider that GCA will build substantial additional loss-absorbing capacity (ALAC). We are revising the outlooks on CASA and GCA's other core entities to stable from negative. We are affirming the long- and short-term counterparty credit ratings on CASA and
