Clear market leader in domestic retail banking. Diversified businesses and income sources. Low risk profile of domestic retail business and divestment of Emporiki. Highly systemically important in France, which we classify as supportive to its banking sector. Just "adequate" capitalization, which incorporates our expectations of sound earnings in 2013-2014. Need to further adapt to upcoming stricter funding and capital regulations. Weak earnings achieved in 2012, due to deleveraging plan and capital loss on the Emporiki disposal. Relatively high economic risk of Italy, a country the group considers its second home market. The negative outlook on Crédit Agricole S.A. (CASA) reflects the possibility of the Crédit Agricole group (GCA) not improving its financial profile in line with our expectations, notably its
