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). This consists primarily of the regional banks known as the Caisses Régionales de Crédit Agricole as well as CASA and its subsidiaries, including Crédit Lyonnais (LCL; A+/Stable/A-1) and Crédit Agricole Corporate and Investment Bank (CACIB, formerly Calyon, A+/Stable/A-1). We consider GCA to be highly systemically important in France's banking sector and we believe that extraordinary support from the French government would likely be available if needed. We therefore factor into our long-term rating on CASA one notch of uplift over its stand-alone credit profile (SACP), which we assess at 'a'.
