We consider that banking group Credit Agricole continues to demonstrate solid financial performance, a low risk profile with strong diversification and granularity of risk exposures, as well as better-than-peers coverage of impaired assets. In our view, its refocused, balanced, and diversified businesses combined with disciplined underwriting standards and low risk appetite support overall structural, and not only cyclical, reduced credit losses. We are therefore raising by one notch our long-term ratings on Groupe Credit Agricole's (GCA's) core bank and insurance subsidiaries. The stable outlook reflects that GCA's stable retail banking activities and assets position the group well to withstand the challenges posed by a potentially more adverse operating environment. On Oct. 19, 2018, S&P Global Ratings raised its long-term issuer
