Highly systemic importance in France, which we classify as supportive to its banking sector. Clear market leader in domestic retail banking. Diversified businesses and income sources. Just "adequate" capitalization, which incorporates our expectations of sound earnings in 2014-2015. Need to further adapt to upcoming stricter funding and capital regulations. Exposure to relatively high economic risk in Italy, a country the group considers its second home market. Standard&Poor's Ratings Services' outlook on France-based Credit Agricole S.A. (CASA) is negative. CASA is the central body of Crédit Agricole group, and we base our ratings on CASA on our analysis of the consolidated Crédit Agricole group. The negative outlook indicates that we may lower our ratings on CASA by year-end 2015
