The ratings on France-based bank Calyon reflect its core position within the Crédit Agricole group (whose member regional retail banks and central entity Crédit Agricole S.A. (CASA) are rated AA-/Stable/A-1+), for which it is the corporate and investment banking arm. Standard&Poor's Ratings Services considers that the bank is fully integrated into its parent group. Calyon's ratings accordingly match those of the group's core operating entities, although it is not part of the system of solidarity that binds the group's cooperative members (CASA and the regional banks). As such, implicit shareholder support is the key rating factor. The ratings also take into account Calyon's enhanced franchise following its creation through the merger of Crédit Agricole's and Crédit Lyonnais' respective
