The ratings on Crédit Agricole S.A. (CASA) and related entities, together France's largest banking group, reflect Standard&Poor's Ratings Services' view of the creditworthiness of the Crédit Agricole group as a whole. The ratings are underpinned by the group's leading market position in retail banking in France, diversified business profile and resulting sources of income, and fairly low risk profile. The ratings are somewhat constrained by the group's only average profitability by international standards; average capital position, with financial flexibility more limited than most peers'; and the inherent risks and potential revenue volatility that will result from planned expansion of capital market activities. The ratings also take into account the complete integration of Crédit Lyonnais. The group's improved financial
