S&P Cuts Credit Agricole On Greek Debt Worries

Standard & Poor's cut its rating on Credit Agricole SA on concerns over the French bank's exposure to Greece sovereign debt. S&P lowered the long-term counter party rating to A+ from AA_, and the short-term counterparty rating to A-1 from A-1+. The outlook remaines stable. "The downgrades reflect our view that reduced creditworthiness of the Greek sovereign puts pressure on [Credit Agricole's] financial profile, given its exposure to the troubled Greek economy, mostly through its subsidiary Emporiki Bank of Greece," S&P said in the downgrade.