(Finance) – Fitch Ratings confirmed the Long-Term Issuer Default Rating (IDR) Of Credit Agricole to “A+” with a outlook “stable“.
Rating actions follow the Fitch’s revision of the Outlook on France to Negative and the subsequent negative outlook on the operating environment of French banks. Fitch believes that downward pressure on France’s sovereign debt and operating environment adds downside risks to Credit Agricole’s business profile due to the bank’s large exposure to France.
However, Fitch believes the group has a Sufficient rating margin to resist a downgrade of a sovereign score level and operating environment, thanks to its very strong capitalisation, strong bancassurance business profile, conservative risk profile and resilient profitability.