The ratings on Crédit Agricole S.A. (CASA) and related entities reflect Standard&Poor's Ratings Services' view of the creditworthiness of the larger Crédit Agricole cooperative group (Crédit Agricole) as a whole. France's second-largest banking group, Crédit Agricole consists primarily of CASA, its subsidiaries, and regional banks known as the Caisses Régionales de Crédit Agricole (CRCAs). The ratings on Credit Agricole 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 moderate risk profile. Constraining the group ratings are the inherent risks and potential revenue volatility from expansion of capital market activities, uncertainties about the group's future capital policy, and still relatively untested track record
