New York -- Standard&Poor's CreditWire 4/29/97 --Standard&Poor's today has raised its long-term rating on Banque Indosuez and its units to double-'A' from single-'A'-plus and its short-term rating to 'A-1'-plus from 'A-1' (see list below). These ratings are removed from CreditWatch were they were placed Dec. 24, 1996. The outlook is stable. The ratings reflect its 100% ownership by Caisse Nationale de Credit Agricole (CNCA, central clearer for the Credit Agricole group), rated double-'A'/'A-1'-plus. Credit Agricole took full control in late December 1996, three years ahead of the schedule set down when it purchased 51% of Banque Indosuez in July 1996. The integration of Banque Indosuez into Credit Agricole is proving to be easier than initially anticipated.
