DBRS rates Credit Agricole AA (low)

DBRS said it assigned Groupe Credit Agricole and Credit Agricole SA an issuer rating of AA (low).

Credit Agricole's fundamentals are reflected in the agency's intrinsic assessment of A (high) for the group, according to the agency.

A critical strength of Credit Agricole, and a crucial underpinning of its rating, is its leading position in French retail banking with its extensive footprint and complementary networks, the agency said.

Also supporting the rating is the extensive diversification of Credit Agricole's business mix through asset management, bancassurance, corporate and investment banking and other businesses, DBRS added.

The rating also considers the added diversity and growth opportunities from Credit Agricole's international scope as well as its earnings resiliency, sound funding, solid risk profile and enhanced capitalization, the agency said.

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