The Crédit Agricole group's capital and funding positions have continued to improve steadily on the back of sound profitability, material issuance of Additional Tier 1 instruments in 2014, and a lengthened funding profile. We are affirming our 'A/A-1' ratings on the group's central body, Crédit Agricole S.A., and no longer view its funding profile as a downside risk factor. The negative outlook reflects the possible removal of government support from the rating by the end of 2015, unless offset by another factor such as additional loss-absorbing capacity, if we deem by then the resolution regime in France to be effective. On July 13, 2015, Standard&Poor's Ratings Services affirmed its 'A/A-1' long- and short-term counterparty credit ratings on France-based
