Firm market leader in the French retail banking sector, where the group generates good earnings. Diversified businesses and income sources. Sound earnings and cooperative status that support internal capital generation. Economic risk is relatively high in Italy, which the group considers to be its second home market. In line with the rest of the industry, low interest rates weigh on net interest margins, somewhat constraining the group's efforts to improve efficiency. S&P Global Ratings' positive outlook on France-based bank Credit Agricole S.A. (CASA, core bank of the Groupe Crédit Agricole [GCA]) reflects its view that we may raise our long-term ratings on GCA's core entities in the next two years if group's capitalization strengthens further and it maintains a low
