The ratings on France-based Calyon reflect its core position as the corporate and investment banking (CIB) arm of the Crédit Agricole group (whose member regional retail banks and central entity Crédit Agricole S.A., or CASA, are rated AA-/Positive/A-1+). As Standard&Poor's Ratings Services considers Calyon to be fully integrated into the group, implicit shareholder support is the key rating factor. Accordingly, the ratings match those on the member regional banks and CASA, although Calyon is not part of the system of solidarity that binds the group's members. The ratings also take into account Calyon's enhanced franchise following its creation in 2004 through the merger of Crédit Agricole's and Crédit Lyonnais' former CIB arms. Calyon has a strong position in
