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 by total assets, 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 in particular by the group's position as the clear market leader in retail banking in France, its diversified business profile, and the resulting sources of income. Despite its overall moderate risk profile, Crédit Agricole is one of the French banks most affected by the subprime crisis. Over the three quarters ending in March 2008,
