On Dec. 16, 2002, Standard&Poor's Ratings Services placed on CreditWatch with negative implications its 'AA' long-term counterparty credit ratings on Crédit Agricole Indosuez (CAI). At the same time, the 'A-1+' short-term counterparty credit ratings were affirmed. These actions reflected similar actions taken on the ratings on CAI's parent company Crédit Agricole S.A. (CASA), following the announcement that CASA and its regional banks will launch a joint friendly offer for all of Crédit Lyonnais' capital. The ratings on CAI reflect the bank's core status within the Crédit Agricole group, full ownership by the latter's central clearer CASA (AA/Watch Neg/A-1+), and total integration within the group. CAI is the Crédit Agricole group's international wholesale-banking, capital markets, and private-banking arm. The
