Moody’s downgraded SocGen and Credit Agricole. BNP Paribas under review

Newsroom 14/09/2011 | 17:51

The credit rating of Societe Generale and Credit Agricole was cut by Moody’s due to their exposure to Greek debt. Credit Agricole was cut from Aa1 to Aa2 and Societe Generale from Aa2 to Aa3. This downgrade occured for the long-term debt and deposit ratings. A third bank, BNP Paribas, will be under extended review from Moody’s for its debt and depost ratings. As a result of this review, BNP may see its long-term rating decrease by a notch

Societe Generale has a total exposure to Greek government and commercial debts equal to EUR 6.6 billion, while Credit Agricole has EUR 27 billion, according to data provided to the European Banking Authority. BNP Paribas reported an exposure of EUR 8.5 billion to Greek debt.

Ovidiu Posirca

BR Magazine | Latest Issue

Download PDF or read online: October 2022 Issue | Business Review Magazine

The October 2022 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Globalworth Successfully Addressing Market Challenges From a Position
Newsroom | 26/10/2022 | 17:53

    You will receive a download link for the latest issue of Business Review Magazine in PDF format, based on the completion of the form below.

    I agree with the Privacy policy of
    I agree with the storage and handling of my data by
    Advertisement Advertisement
    Close ×

    We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

    Accept & continue