Fitch: Credit Agricole view negative

Fitch Ratings said it affirmed Credit Agricole's long-term issuer default rating at A+ and revised the outlook to negative from stable. The agency also downgraded the viability rating to a from a+.

The downgrade of the viability rating reflects the company's modest earnings, only adequate capital and the risks linked to the bank's exposure to southern Europe, in particular at the troubled Greek subsidiary, Emporiki Bank of Greece, the agency said.

The rating also consider the company's strong French retail franchise, good overall asset quality, limited market risk and solid funding base, the agency noted.

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