The ratings on Crédit Agricole Indosuez (CAI) reflect the bank's core status and total integration within the Crédit Agricole group, as well as the full ownership of CAI by the group's central clearer, Crédit Agricole S.A. (CASA; AA-/Stable/A-1+). Crédit Agricole is one of the world's largest banking groups in terms of equity, with a preeminent French retail banking position. The group's financial strength is the key factor supporting the ratings on CAI. The ratings take also into account Crédit Agricole's acquisition of Crédit Lyonnais (AA-/Stable/A-1+) and subsequent planned merger (as of April 2004) of CAI with Crédit Lyonnais's corporate and investment banking division (Banque de Financement et d'Investissement, BFI). The new combined entity will operate under the name Calyon Corporate
