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. Calyon's image has suffered because the bank is among the institutions the most hard hit by subprime-related write-downs. However, the Crédit Agricole group reacted by changing the management at Calyon and implementing a drastic strategic repositioning that it presented in detail in September 2008. This should contribute
