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Reply #5: europe: French bank ratings downgraded again by Moody's [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 06:16 AM
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5. europe: French bank ratings downgraded again by Moody's
http://www.bbc.co.uk/news/business-16105237

Credit rating agency Moody's has downgraded France's three big banks due to their difficulty borrowing money.

The agency cut Credit Agricole and BNP Paribas from Aa2 to Aa3, and Societe Generale from Aa3 to A1.

The move follows a previous rating cut by Moody's for Credit Agricole and Societe Generale in September.

"Liquidity and funding conditions have deteriorated significantly" for each of the banks, Moody's said, adding that the problem was likely to worsen.
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