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 cooperative group (GCA) 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 core and fully integrated into GCA, implicit shareholder support is the main rating factor. The ratings also take into account CACIB's market position as the third-largest corporate and investment banking player in France and its relatively resilient underlying performance in its strategic businesses. Mitigating factors include the bank's poor bottom-line profitability which continues to be negatively affected by losses related to discontinuing
