All ratings are affirmed
London, 05 July 2018 -- Moody's Investors Service today changed the outlook to positive
from stable on the A1 long-term deposit and senior unsecured debt
ratings of the rated entities of Groupe Credit Agricole (GCA; the
group), where applicable, including Credit Agricole S.A.
(CASA), Credit Agricole Corporate and Investment Bank (CACIB) and
the Caisses Regionales de Credit Agricole Mutuel (CRCAMs). All
ratings of CASA, CACIB and the CRCAMs were affirmed.
A list of affected ratings can be found at the end of this press release.
RATINGS RATIONALE
-- AFFIRMATION OF GROUP RATINGS
Moody's affirmation of CASA's deposit and senior unsecured
debt ratings of A1 reflects (1) CASA's baseline credit assessment
(BCA) of baa3; (2) two notches of affiliate support, underpinned
by the strong solidarity mechanisms prevailing within GCA, leading
to an adjusted BCA of baa1; (3) two notches of uplift from Moody's
Advanced Loss Given Failure (LGF) analysis; and (4) one notch of
uplift stemming from a moderate probability of government support.
CASA's adjusted BCA of baa1 is a reflection of GCA's dominant
retail banking, insurance and asset management franchises in France,
which provide the bank with a widely diversified business mix and stable
source of earnings. The group's standalone financial strength is
characterised by (1) GCA's strong capital position, (2) the bank's
resilient asset quality and manageable tail risks, (3) its strong
earnings power and (4) its good liquidity and satisfactory funding structure.
-- CHANGE OF OUTLOOK TO POSITIVE FROM STABLE
The change of outlook to positive from stable primarily reflects further
expected improvements in GCA's capitalisation. The group's
fully-loaded Common Equity Tier 1 ratio reached 14.6%
at the end of March 2018, having increased by 72 basis points (bps)
over the last two years. The group targets a CET1 ratio of 16%
by year-end 2019, pointing to further material improvement.
Moody's believes that the 2019 CET1 target is ambitious and sets
GCA apart from many other large European banking groups, but is
achievable thanks to the group's capacity to retain the vast majority
of its net income.
Moody's added that a further driver of improving creditworthiness
was the relative stability of GCA's earnings in recent years.
GCA's diversified earnings base, which includes profits generated
by insurance, asset management, leasing & factoring,
consumer finance and corporate & investment banking activities in
addition to retail banking, has allowed the group to counter the
negative revenue trends in French retail banking due to the low interest
rate environment. Group revenues increased by 7% between
2014 and 2017, while the revenues of the regional banks decreased
by 7%. Similarly, despite a 13% decline in
the net income of the CRCAMs over the same period, overall group
net income, on an underlying basis as disclosed by GCA, still
increased by 45%.
Asset risk trends are strong, with loan loss impairment charges
trending down since mid-2016 and reaching 17 bps of outstanding
customer loans in the last twelve months ending March 2018 from 28 bps
two years earlier. Loan loss provisions decreased in all business
segments, including in Italy, which represented 8%
of GCA's commercial lending exposures and 5% of its assets
at year-end 2017. Although the new political situation in
Italy could reduce the country's fiscal strength, Moody's
believes that GCA's healthy and profitable retail banking franchise
and other operations in Italy are unlikely to be materially affected.
The group remains very well provisioned among European banks with reserves
covering 84% of problem loans at end-March 2018.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's may upgrade CASA's adjusted BCA if GCA's CET1 ratio
reached the objective currently set by the bank, while the group
continues to generate solid earnings in the absence of significant deterioration
in the group's operating environment, notably in Italy.
An upgrade of CASA's adjusted BCA would likely lead to a similar
upgrade of all debt and deposit ratings of CASA, CACIB, the
CRCAMs and their backed subsidiaries.
Although unlikely at present, Moody's could downgrade CASA's
adjusted BCA, and hence the ratings of CASA, CACIB,
the CRCAMs and backed subsidiaries, in the case of a significant
increase in asset risk, a worsening of the operating environment
in Italy and/or further significant net interest margin erosion without
offset from other group activities.
LIST OF AFFECTED RATINGS
Issuer: Credit Agricole S.A.
..Affirmations:
....Adjusted Baseline Credit Assessment,
affirmed baa1
....Baseline Credit Assessment, affirmed
baa3
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Issuer Rating,
affirmed A1, outlook changed to Positive from Stable
....Long-term Bank Deposits,
affirmed A1 outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Long-term Deposit Note/C Program,
affirmed (P)A1
....Short-term Deposit Note/CD Program,
affirmed P-1
....Senior Unsecured Regular Bond/Debenture,
affirmed A1, outlook changed to Positive from Stable
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Junior Senior Unsecured Medium-Term
Note Program, affirmed (P)Baa2
....Subordinate Regular Bond/Debenture,
affirmed Baa2
....Subordinate Medium-Term Note Program,
affirmed (P)Baa2
....Preferred Stock Non-cumulative,
affirmed Ba1(hyb)
....Other Short Term, affirmed (P)P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: Credit Agricole S.A., London Branch
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Senior Unsecured Regular Bond/Debenture,
affirmed A1, outlook changed to Positive from Stable
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Backed Senior Unsecured Medium-Term
Note Program, affirmed (P)A1
....Senior Unsecured Shelf, affirmed
(P)A1
....Junior Senior Unsecured Regular Bond/Debenture,
affirmed Baa2
....Junior Senior Unsecured Medium-Term
Note Program, affirmed (P)Baa2
....Junior Senior Unsecured Shelf, affirmed
(P)Baa2
....Subordinate Medium-Term Note Program,
affirmed (P)Baa2
....Other Short Term, affirmed (P)P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: Credit Agricole Corporate and Investment Bank
..Affirmations:
....Adjusted Baseline Credit Assessment,
Affirmed baa1
....Baseline Credit Assessment, Affirmed
ba2
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Short-term Deposit Note/CD Program,
affirmed P-1
....Senior Unsecured Regular Bond/Debenture,
affirmed A1, outlook changed to Positive from Stable
....Backed Senior Unsecured Regular Bond/Debenture,
affirmed A1, outlook changed to Positive from Stable
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Backed Senior Unsecured Medium-Term
Note Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
....Other Short Term, affirmed (P)P-1
....Backed Other Short Term, affirmed
(P)P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: Credit Agricole CIB Finance (Guernsey) Ltd
..Affirmations:
....Backed Senior Unsecured Medium-Term
Note Program, affirmed (P)A1
....Backed Other Short Term, affirmed
(P)P-1
....Backed Senior Unsecured Regular Bond/Debenture,
affirmed A1, outlook changed to Positive from Stable
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: Credit Agricole CIB Finance Luxembourg S.A.
..Affirmations:
....Backed Senior Unsecured Medium-Term
Note Program, affirmed (P)A1
....Backed Other Short Term, affirmed
(P)P-1
..No Outlook assigned
Issuer: Credit Agricole CIB Financial Solutions
..Affirmations:
....Backed Senior Unsecured Regular Bond/Debenture,
affirmed A1, outlook changed to Positive from Stable
....Backed Senior Unsecured Medium-Term
Note Program, affirmed (P)A1
....Backed Other Short Term, affirmed
(P)P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: Credit Agricole CIB Finl Prod. (Guernsey) Ltd
..Affirmations:
....Backed Senior Unsecured Regular Bond/Debenture,
affirmed A1, outlook changed to Positive from Stable
....Backed Senior Unsecured Medium-Term
Note Program, affirmed (P)A1
....Backed Other Short Term, affirmed
(P)P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: Credit Agricole CIB, New York Branch
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: Credit Agricole CIB, Tokyo Branch
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Alsace Vosges
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Atlantique Vendee
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Brie Picardie
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Other Short Term, affirmed (P)P-1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Centre Loire
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Centre-Est
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Charente Maritime Deux Sevres
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Charente Perigord
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM d'Alpes-Provence
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM d'Aquitaine
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de Centre France
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de Champagne-Bourgogne
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de la Guadeloupe
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de la Martinique-Guyane
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de la Reunion
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de l'Anjou et du Maine
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de Lorraine
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de Normandie
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de Paris et d'Ile-de-France
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM de Touraine et du Poitou
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM des Cotes-d'Armor
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM des Savoie
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Subordinate Medium-Term Note Program,
affirmed (P)Baa2
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM d'Ille et Vilaine
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM du Centre-Ouest
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Short-term Deposit Note/CD Program,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Subordinate Medium-Term Note Program,
affirmed (P)Baa2
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM du Finistere
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM du Languedoc
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM du Morbihan
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Regular Bond/Debenture,
affirmed A1, outlook changed to Positive from Stable
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM du Nord Est
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Franche-Comte
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Loire - Haute-Loire
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Nord de France
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Nord Midi-Pyrenees
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Normandie-Seine
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Provence Cote d'Azur
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Pyrenees-Gascogne
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Sud-Mediterranee
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Sud-Rhone-Alpes
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Toulouse 31
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Long-term Bank Deposits,
affirmed A1, outlook changed to Positive from Stable
....Short-term Bank Deposits,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
Issuer: CRCAM Val de France
..Affirmations:
....Long-term Counterparty Risk Assessment,
affirmed Aa3(cr)
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Long-term Counterparty Risk Ratings,
affirmed Aa3
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Senior Unsecured Medium-Term Note
Program, affirmed (P)A1
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Positive from Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published in
June 2018. Please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the credit rating action on the support provider and in relation to
each particular credit rating action for securities that derive their
credit ratings from the support provider's credit rating.
For provisional ratings, this announcement provides certain regulatory
disclosures in relation to the provisional rating assigned, and
in relation to a definitive rating that may be assigned subsequent to
the final issuance of the debt, in each case where the transaction
structure and terms have not changed prior to the assignment of the definitive
rating in a manner that would have affected the rating. For further
information please see the ratings tab on the issuer/entity page for the
respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Guillaume Lucien-Baugas
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Nicholas Hill
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
