The ratings on Crédit Agricole Indosuez S.A. (CAI) reflect the bank's core status and full integration within the Crédit Agricole group and its full ownership by the group's central clearer, Crédit Agricole S.A. (CASA; AA-/Stable/A-1+). It also reflects Crédit Agricole's acquisition of Crédit Lyonnais and the expected merger of Crédit Lyonnais' (AA-/Stable/A-1+) corporate and investment banking business line (BFI) into CAI. The combined entity will be Crédit Agricole's corporate and investment banking arm. The financial strength of the Crédit Agricole group is the key factor supporting the ratings on CAI. Crédit Agricole is one of the largest banking groups in the world in terms of capital, and enjoys a preeminent retail banking position in France. Crédit Agricole took full control
