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 (Crédit Agricole) as a whole. The ratings are underpinned by the group's position as the clear market leader in retail banking in France, diversified business profile and resulting sources of income, and fairly low risk profile. Crédit Agricole consists primarily of CASA, its subsidiaries, and the regional banks known as the "Caisses Régionales de Crédit Agricole" (CRCAs). CASA and the CRCAs are bound by a system of solidarity, which is equivalent to a cross guarantee. Constraining the ratings are the group's only-average capital position, with financial flexibility more limited than
