The ratings on French bank 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. The ratings on Crédit Agricole are underpinned by the group's position as the clear market leader in retail banking in France, diversified business profile, and overall satisfactory financial profile. Our ratings don't include explicit uplift above the group's stand-alone credit quality for potential external institution-specific support. We see Crédit Agricole as having high systemic importance in France, which we classify as a supportive country under our methodology. Crédit Agricole's risk profile is average, combining its very large and only moderately risky domestic banking activities in France,
