S&P affirms Societe Generale

Standard & Poor's said it affirmed the AA- long-term and A-1+ short-term counterparty credit ratings on Societe Generale.

The outlook on the long-term rating remains negative.

"The affirmation reflects our opinion that the bank has successfully managed the negative impact of the trading fraud revealed in January 2008," S&P analyst Sylvie Dalmaz said in a statement.

Ratings reflect the bank's strong business profile, good strategy and satisfactory financial profile, including satisfactory capital and liquidity, the agency said.

Those factors are mitigated by the downside risks of the bank's large corporate portfolio, its large and complex trading book and its large emerging markets operations, S&P said.

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