French banks face credit downgrade

The West Australian June 16, 2011, 7:33 am

The West Australian © French banks face credit downgrade

Credit ratings agency Moody's says it may downgrade its ratings of France's three largest banks over their exposure to debt-ridden Greece.

Moody's said overnight that BNP Paribas and Credit Agricole face a one-notch downgrade, while Societe Generale could see a two-notch decline through their holdings of Greek government bonds or through their local banking subsidiaries.

Earlier this month Moody's downgraded Greece by three notches from a B1 rating to Caa1 with a negative outlook, citing increased risk that the financially stricken country will be unable to handle its debt problems without an eventual restructuring - paying creditors less than the full amount, or later than originally planned.

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