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 group consists primarily of the regional banks known as the Caisses Régionales de Crédit Agricole (CRCA) and CASA and its subsidiaries, including Credit Lyonnais (LCL). The ratings on Crédit Agricole are underpinned by the group's position as the clear market leader in retail banking in France through CRCA and LCL, diversified business profile, and overall satisfactory financial profile. Our ratings on CASA 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
