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.