Credit Agricole Corporate and Investment Bank's and Caisses Regionales de Credit Agricole Mutuel's long-term ratings also upgraded to Aa3; outlook changed to stable
Paris, September 19, 2019 -- Moody's Investors Service ("Moody's") today upgraded
to Aa3 from A1 the long-term deposit and senior unsecured debt
ratings -- where applicable - of Credit Agricole S.A.
(CASA), Credit Agricole Corporate and Investment Bank (CACIB) and
the Caisses Regionales de Credit Agricole Mutuel (CRCAMs). CASA's
long-term issuer rating was also upgraded to Aa3 from A1.
The rating agency also changed the outlook on these ratings to stable
from positive. In the same rating action, Moody's upgraded
CASA's Baseline Credit Assessment (BCA) to baa2 from baa3 and affirmed
CACIB's BCA of ba2; it upgraded both entities' Adjusted
BCAs to a3 from baa1. In addition, Moody's upgraded
CASA's junior senior MTN ratings and subordinated debt ratings to
(P)Baa1 and Baa1 from (P)Baa2 and Baa2, respectively, and
the bank's preferred stock non-cumulative debt rating to
Baa3(hyb) from Ba1(hyb). All Group entities' long-term
Counterparty Risk (CR) Assessments and Counterparty Risk Ratings (CRRs)
were upgraded to Aa2(cr) and Aa2 from Aa3(cr) and Aa3, respectively.
Finally, the rating agency affirmed all the Group entities'
short-term ratings of P-1 and short-term CR Assessments
of P-1(cr).
Today's rating action reflects the continued improvements in Groupe
Credit Agricole's (GCA; the Group) capitalization and asset risk,
together with the earnings stability provided by a good degree of diversification.
A list of affected ratings can be found at the end of this press release.
RATINGS RATIONALE
Moody's considers that the conditions, which motivated the
outlook change to positive for Credit Agricole's long-term
ratings in July 2018, have been met. GCA's fully-loaded
CET1 ratio reached 15.4% in June 2019 and the Group is on
track to meet its 2019 year-end target of 15.5% at
least. Furthermore, in June 2019, GCA announced in
its new medium-term plan 2020-2022 that it targets a CET1
ratio of over 16% by the end of 2022. Moody's believes
that this is achievable thanks to the Group's capacity to retain the vast
majority of its net income and the moderate increase of its risk-weighted
assets, meaning that GCA will be well capitalized relative to most
large European banks.
In addition, in 2018, GCA generated €6.8 billion
of net income (with an annual growth rate of 8.6% since
2014). Over the period 2014-2018, the Group was able
to offset an annual 1.3% decline of net interest income,
as lower interest rates affected retail margins, by a 2.4%
increase of fees and commissions, mainly from asset management (Amundi),
insurance (CA Assurances) and CA CIB. During the next three years,
GCA plans to consolidate and slightly increase its income generation capacity
by growing its market share and increasing synergies between activities
and Group entities. In a protracted low interest rate environment,
GCA's objectives will be challenging but Moody's believes
that GCA will be supported by strong earnings of non-banking businesses
and the potential for synergies.
GCA's asset quality has markedly improved. In particular,
the cost of risk at Credit Agricole Italia S.p.A.
has declined to 67 bps of gross loans in 2018 (from 93 bps in 2016) and
its non-performing loan (NPL) ratio dropped to 7.6%
in December 2018 from 13.3% at year-end 2015.
This has been achieved by selling NPLs, raising credit standards
and increasing provisioning of problem loans. Since end-2017,
the Group has re-started the expansion of its Italian activities
with the acquisition of three local banks and a private bank, Banca
Leonardo. While this exposes the Group to a weaker economy,
the additional risk is now modest.
The upgrade of CASA's Adjusted BCA, which is based on the
Group's metrics, to a3 from baa1 is driven by the abovementioned
improvements. The Group entities' a3 Adjusted BCAs thus reflect
GCA's good asset risk and strong capitalization, the Group's
modest albeit diversified earnings, and a large and stable deposit
base with wholesale funding skewed towards longer term maturities.
The Group rated entities' long-term deposit and senior unsecured
debt ratings also reflect very low loss-given-failure in
a resolution scenario, owing to the Group's substantial deposits
and senior unsecured debt, as well as a significant buffer of junior
senior and subordinated debt that would absorb losses ahead of senior
creditors. This leads to a two-notch uplift from the rated
entities' Adjusted BCA.
The Group entities' deposit and senior unsecured debt ratings also
benefit from a moderate likelihood of government support given the systemic
importance of the Group in the French and European economies. This
is reflected in an additional one-notch uplift for these ratings.
CASA's junior senior MTN programmes (commonly referred to as senior
non-preferred) are rated (P)Baa1, one notch below the Adjusted
BCA, owing to the subordination of these instruments to senior debt
and the low likelihood of government support associated to them.
Finally, Moody's also upgraded CASA's BCA to baa2 from
baa3 and affirmed CACIB's BCA of ba2. CASA's BCA of
baa2 reflects its own risk profile, which is more geared towards
asset gathering, large customers and specialized financial services
(consumer finance, leasing and factoring). The upgrade of
CASA's BCA reflects similar improvements in asset risk and diversified
revenues streams as for the Group. However, as the Group's
listed entity, CASA is less well capitalized. CACIB's BCA
of ba2 reflects the bank's strong position in corporate banking in France
and niche franchises in some global asset finance businesses, its
high reliance on confidence-sensitive wholesale funding markets
and its exposures to several cyclical and sensitive sectors, including
shipping, oil and gas, real estate and construction.
OUTLOOK
The outlook on CASA's long-term issuer rating and GCA rated
entities' long-term deposit and senior unsecured debt ratings
is stable, reflecting Moody's view that the Group strategy
over the next 12-18 months, as released in its medium-term
plan 2020-2022, will lead to the continuation of capital
accretion associated with stable profitability and no significant deterioration
of asset quality.
WHAT COULD CHANGE THE RATING UP/DOWN
An upgrade of the ratings would result from stronger Group financial ratios,
reflected in higher Adjusted BCAs at CASA and CACIB. While unlikely
at present, this could result from further substantial improvements
in Group capitalization, stronger profitability, better asset
quality, and reduced use of market funding.
An upgrade of CASA's and CACIB's long-term deposit
and senior unsecured debt ratings could also result from higher-than-expected
issuance of subordinated and/or junior senior debt, which would
lead to an extremely low loss-given-failure for those instruments.
Moody's could downgrade the long-term ratings should there
be a significant increase in the Group's asset risk, due to
e.g. a worsening of the operating environment in Italy,
and/or further significant net interest margin erosion without offset
from other Group activities.
The senior unsecured debt ratings could also be downgraded as a result
of a decrease in their volume and/or in the volume of instruments subordinated
to them, which would result in a higher loss-given-failure.
LIST OF AFFECTED RATINGS
Issuer: Credit Agricole S.A.
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Deposit Note/CD Program,
upgraded to (P)Aa3 from (P)A1
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Long-term Issuer Rating,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Adjusted Baseline Credit Assessment,
upgraded to a3 from baa1
....Baseline Credit Assessment, upgraded
to baa2 from baa3
....Senior Unsecured Regular Bond/Debenture,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Junior Senior Unsecured Medium-Term
Note Program, upgraded to (P)Baa1 from (P)Baa2
....Subordinate Regular Bond/Debenture,
upgraded to Baa1 from Baa2
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
....Preferred Stock Non-cumulative,
upgraded to Baa3(hyb) from Ba1(hyb)
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
....Other Short Term, affirmed (P)P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: Credit Agricole S.A., London Branch
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Regular Bond/Debenture,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Senior Unsecured Shelf, upgraded
to (P)Aa3 from (P)A1
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Backed Senior Unsecured Medium-Term
Note Program, upgraded to (P)Aa3 from (P)A1
....Junior Senior Unsecured Regular Bond/Debenture,
upgraded to Baa1 from Baa2
....Junior Senior Unsecured Shelf, upgraded
to (P)Baa1 from (P)Baa2
....Junior Senior Unsecured Medium-Term
Note Program, upgraded to (P)Baa1 from (P)Baa2
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Other Short Term, affirmed (P)P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Centre Loire
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Centre-Est
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Nord Midi-Pyrenees
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Nord de France
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Sud-Rhone-Alpes
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Alsace Vosges
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Atlantique Vendee
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Brie Picardie
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
....Other Short Term, affirmed (P)P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Charente Maritime Deux Sevres
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Charente Perigord
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Franche-Comte
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Loire - Haute-Loire
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Normandie-Seine
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Provence Cote d'Azur
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Pyrenees-Gascogne
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Sud-Mediterranee
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Toulouse 31
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM Val de France
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM d'Alpes-Provence
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM d'Aquitaine
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM d'Ille et Vilaine
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de Centre France
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de Champagne-Bourgogne
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de Lorraine
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de Normandie
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de Paris et d'Ile-de-France
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de Touraine et du Poitou
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de l'Anjou et du Maine
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de la Guadeloupe
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de la Martinique-Guyane
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM de la Reunion
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM des Cotes-d'Armor
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM des Savoie
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM du Centre-Ouest
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Deposit Note/CD Program,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM du Finistere
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM du Languedoc
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM du Morbihan
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Regular Bond/Debenture,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: CRCAM du Nord Est
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Subordinate Medium-Term Note Program,
upgraded to (P)Baa1 from (P)Baa2
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: Credit Agricole Corporate and Investment Bank
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
....Adjusted Baseline Credit Assessment,
upgraded to a3 from baa1
....Senior Unsecured Regular Bond/Debenture,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Backed Senior Unsecured Regular Bond/Debenture,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Senior Unsecured Medium-Term Note
Program, upgraded to (P)Aa3 from (P)A1
....Backed Senior Unsecured Medium-Term
Note Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Baseline Credit Assessment, affirmed
ba2
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Deposit Note/CD Program,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....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 Stable from Positive
Issuer: Credit Agricole CIB Finance (Guernsey) Ltd
..Upgrades:
....Backed Senior Unsecured Regular Bond/Debenture,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Backed Senior Unsecured Medium-Term
Note Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Backed Other Short Term, affirmed
(P)P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: Credit Agricole CIB Finance Luxembourg S.A.
..Upgrades:
....Backed Senior Unsecured Medium-Term
Note Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Backed Other Short Term, affirmed
(P)P-1
..No Outlook assigned
Issuer: Credit Agricole CIB Financial Solutions
..Upgrades:
....Backed Senior Unsecured Regular Bond/Debenture,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Backed Senior Unsecured Medium-Term
Note Program, upgraded to (P)Aa3 from (P)A1
..Affirmations:
....Backed Other Short Term, affirmed
(P)P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: Credit Agricole CIB Finl Prod. (Guernsey) Ltd
..Upgrades:
....Backed Senior Unsecured Regular Bond/Debenture,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: Credit Agricole CIB, New York Branch
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
Issuer: Credit Agricole CIB, Tokyo Branch
..Upgrades:
....Long-term Counterparty Risk Ratings,
upgraded to Aa2 from Aa3
....Long-term Bank Deposits,
upgraded to Aa3 from A1, outlook changed to Stable from Positive
....Long-term Counterparty Risk Assessment,
upgraded to Aa2(cr) from Aa3(cr)
..Affirmations:
....Short-term Counterparty Risk Ratings,
affirmed P-1
....Short-term Bank Deposits,
affirmed P-1
....Short-term Counterparty Risk Assessment,
affirmed P-1(cr)
....Commercial Paper, affirmed P-1
..Outlook Action:
....Outlook changed to Stable from Positive
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published in
August 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, category/class of
debt or security this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note of the
same series, category/class of debt, security 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.
Laurent Le Mouel
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 France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
