Two of France’s largest banks, Société Générale and Crédit Agricole, were hit by credit rating downgrades as France’s embattled financial sector struggles to convince the market it can manage any Greek default.
Moody’s Investors Service downgraded its long-term ratings on SocGen and Crédit Agricole by one notch on Wednesday, while keeping BNP Paribas on review. Downgrades by Moody’s had been in prospect for days amid wild gyrations in French banks’ share prices.
The downgrades and, in particular, Moody’s decision to maintain its existing ratings on BNP, were less severe than some analysts and investors feared, and prompted some French officials to reiterate that the banking system was sound.
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