We consider that potential extraordinary government support for European banks will likely decrease as resolution frameworks are put in place. We are affirming our 'A/A-1' ratings on Crédit Agricole S.A. The negative outlook reflects the possible removal of government support by year-end 2015, and the possibility that we could lower the ratings if the Crédit Agricole group does not improve its financial profile, particularly its capital and funding, in line with our expectations. As previously announced on April 29, 2014, Standard&Poor's Ratings Services has affirmed its 'A/A-1' long- and short-term counterparty credit ratings on France-based Crédit Agricole S.A. (CASA), the central body of the Crédit Agricole group, and most of its core entities, namely Credit Agricole Corporate and
