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Related Issuers
CA Preferred Funding Trust
CA Preferred Funding Trust II
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CL Capital Trust I
CRCAM Alsace Vosges
CRCAM Atlantique Vendee
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LCL
Rating Action:

Moody's places CASA's and Calyon's ratings on review for possible downgrade

28 Aug 2008

The 29 rated CRCAMs', LCL's, Lukas Bank's and EFL's ratings are also affected

New York, August 28, 2008 -- Moody's Investors Services announced today that it had placed on review for possible downgrade the Bank Financial Strength Ratings (BFSRs) and long-term debt and deposit ratings of Credit Agricole SA (CASA) and of its subsidiaries Calyon and LCL. The rating action also affects other subsidiaries' long-term debt and deposit ratings. All short-term ratings were affirmed. A full list of affected ratings is at the end of this press release.

Moody's rating action follows the announcement by CASA of its Q2 results. CASA's announcement demonstrated continuing strains on the Group's profitability and efficiency from Calyon's poor performances for the fourth consecutive quarter. Regarding LCL, Moody's notes some improvements in respect of its commercial performance but the impact of these improvements continues to fall short of Moody's expectations for a bank with a B- BFSR.

According to Moody's stress tests, Calyon could still have to recognise further impairments on its Structured Finance portfolios in the rest of the year, although probably to a lesser extent than what it has already done in the first half of the year. Additional impairments could put Calyon's capital levels under stress and thus also its BFSR. However, Moody's acknowledges the Group's capacity to provide sufficient capital to Calyon if needed and also to maintain appropriate capital levels at both Group and CASA consolidated levels.

Under the present circumstances, Moody's does not believe that Calyon will be able to restore its profitability and efficiency to its pre-crisis level. However, Moody's is aware that the Group will announce in the coming weeks a strategic re-positioning leading to a restructuring of Calyon.

Moody's will focus its review on the restructuring measures to be announced and their subsequent implementation. A high likelihood of Calyon returning to a satisfactory level of profitability and efficiency, albeit with a reduced nominal contribution to the group's total income, could lead Moody's to confirm the current ratings. On the other hand, CASA's BFSR and long-term ratings could be downgraded if Moody's considers that Calyon will continue to be a drain on the Group's overall profitability and efficiency.

During its review process, Moody's will also assess the potential impacts on the Group of an economic slowdown in its main markets. More specifically, Moody's will monitor possible strains on retail activities including but not limited to consumer lending.

The following ratings were placed on review for possible downgrade:

- Credit Agricole SA's B BFSR, Aa1 deposit and senior unsecured debt ratings, Aa2 subordinated and junior subordinated debt ratings and Aa3 preferred stock ratings;

- the Aa1 deposit and senior unsecured debt ratings of the 29 rated Caisses Regionales du Credit Agricole Mutuel;

- Calyon's C BFSR, Aa1 deposit and senior unsecured debt ratings, Aa1 backed senior unsecured ratings and Aa2 subordinated debt ratings;

- Calyon, New York Branch's Aa1 deposit and senior unsecured debt ratings;

- CL Capital Trust I's Aa3 backed preferred stock ratings;

- CALYON Finl. Products (Guernsey) Ltd's Aa1 senior unsecured and backed senior unsecured ratings, Aa2 backed senior and junior subordinated debt ratings;

- CALYON Finance (Guernsey) Limited Aa1 backed senior unsecured debt ratings and Aa2 backed junior subordinated debt ratings;

- CA Preferred Funding Trust's Aa3 preferred stock ratings;

- CA Preferred Funding Trust II's Aa3 backed preferred stock ratings;

- Calyon, Tokyo Branch's Aa1 deposit debt ratings;

- Calyon Financial Solutions' Aa1 backed senior unsecured debt ratings;

- Credit Agricole S.A., London Branch's Aa1 deposit and senior unsecured debt ratings and Aa2 junior subordinated debt ratings;

- Le Credit Lyonnais SA's B- BFSR rating, Aa1 deposit and senior unsecured debt ratings, Aa2 subordinated and junior subordinated debt ratings;

- Credit Lyonnais Capital S.C.A's Aa3 backed preferred stock ratings;

- Indosuez Holdings S.C.A's Aa3 backed preferred stock ratings;

- Lukas Bank SA's A1 local currency deposit ratings;

- Europejski Fundusz Leasingowy SA's A1 issuer rating.

The following ratings are unchanged:

- Cassa di Risparmio di Parma e Piacenza Spa's C+ BFSR rating, Aa3 deposit and senior unsecured debt ratings;

- Banca Popolare Friuladria's C BFSR rating and Aa3 deposit ratings;

- Fiat Group Automobiles Financial Services S.p.A. Co's Baa2 issuer rating;

- Index Bank's E+ BFSR and Baa3/B2 local and foreign currency deposit ratings;

- Credit Uruguay Banco SA's D BFSR and Ba1/B2 local and foreign currency deposit ratings;

- Emporiki Bank's C- BFSR, Aa3 deposit and senior unsecured debt ratings;

- Emporiki Group Finance Plc's Aa3 senior unsecured debt ratings and A1 backed subordinated debt ratings;

- Lukas Bank SA's C- BFSR rating and foreign currency deposit rating.

All short-term debt and deposit ratings are unchanged.

Headquartered in Paris, CASA reported IFRS consolidated assets of EUR 1.4 trillion at year-end 2007, up 12.2% compared with 2006. CASA's 2007 net income (Group share) declined by 16.8% to EUR 4 billion. CASA's Tier 1 ratio stood at 8.1% at December 2007 (2006: 8.2%). The Crédit Agricole Group disclosed net income (Group share) was down by 15% to EUR 5.97 billion in 2007.At the end of December 2007 the Group reported total assets of EUR 1.5 trillion, up 11.6% compared to 2006, and its Tier 1 ratio stood at 7.4% in 2007 (2006: 7.7%).

Headquartered in Paris La Défense, Calyon had total assets of EUR 641.9 billion at year-end 2007. The bank recorded a negative net income, group share, of EUR -714 million at year-end 2007.

London
Patricia Dambrine
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Stephane Le Priol
Vice President - Senior Analyst
Financial Institutions Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's places CASA's and Calyon's ratings on review for possible downgrade
No Related Data.
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