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. (CASA), are rated AA-/Stable/A-1+. Because Standard&Poor's Ratings Services considers Calyon to be fully integrated into the group, implicit shareholder support is the key rating factor. The ratings also take into account Calyon's deteriorated but still adequate stand-alone creditworthiness. The bank's satisfactory franchise, revenue diversification, and adequate capital position balance increased risks in the corporate book and trading activities, and the risk management challenge of keeping up with rapid organic growth. Calyon's strong performance over the two and a half years prior to June 30, 2007,
