The ratings on France-based Crédit Agricole Corporate and Investment Bank (CACIB, formerly named Calyon) reflect its core position as the capital markets and corporate financing arm of the Crédit Agricole group, whose member regional retail banks and central entity, Crédit Agricole S.A. (CASA), are rated AA-/Negative/A-1+. Because Standard&Poor's Ratings Services considers CACIB to be fully integrated into the group, implicit shareholder support is the key rating factor. The ratings also take into account CACIB's market position as the third-largest CIB player in France; its resilient underlying performance in its strategic businesses; but also its poor bottom-line profitability arising from its still-high risk profile. We consider that the Crédit Agricole group remains strongly committed to its universal banking model
