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 (GCA), consisting primarily of the regional banks known as the Caisses Régionales de Crédit Agricole and CASA and its subsidiaries, including Crédit Lyonnais (LCL). The ratings are underpinned by GCA's position as the clear market leader in retail banking in France, diversified business profile, and overall satisfactory financial profile--including resilient earnings generation capacity and conservative funding and liquidity risk management. We also factor into the ratings GCA's exposure to credit risk through its sizable corporate lending portfolio and riskier activities carried out by CASA's subsidiary Crédit Agricole Corporate and Investment Bank
