Fitch lowers Credit Agricole

Fitch Ratings said it downgraded Credit Agricole SA's long-term issuer default rating to A+ from AA- and its viability rating to A+ from AA- and simultaneously removed them from Rating Watch negative.

Also downgraded and removed from negative watch includes its senior debt rating to A+ from AA- and lower tier 2 rating to A from A+.

The company's hybrid capital instruments also were downgraded to A- from A and it remains on Rating Watch negative, along with its innovative tier 1 rating to A- from A and non-innovative tier 1 rating to A- from A. remains on RWN

Its short-term issuer default rating was affirmed at F1+ and short-term debt rating at F1+.

The outlook is stable.

The ratings consider the company's exposure to the euro zone problems, the impact on funding of capital markets that are not functioning effectively and only adequate capital ratios compared with highly rated peers, Fitch said.

The ratings also reflect the group's dominant French retail franchise, solid asset quality, limited market risk and solid funding and liquidity, the agency said.

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