S&P changes Credit Agricole view

S&P said it revised the outlook on Credit Agricole SA and Groupe Credit Agricole's other core entities to positive from stable.

At the same time, the agency affirmed the A/A-1 long- and short-term issuer credit ratings on Credit Agricole and Groupe Credit Agricole’s other core banking entities.

S&P also affirmed the BBB+ long-term issuer credit rating on Credit Agricole Assurances and A- long-term issuer credit ratings on Predica Assurance Vie and Pacifica IARD.

“The outlook revision takes into account GCA's ongoing strengthening, reflected in improving capitalization and balance sheet de-risking, and low risk profile, which if sustained could lead to a higher rating over the next 18-24 months,” the agency said in a news release.

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