S&P acts on French banks

S&P said it acted on several French banks citing the effects of the coronavirus pandemic on the banks’ businesses.

S&P revised to negative, from stable, the outlook on BNP Paribas, most of its branches and its core bank and insurance subsidiaries, on highly-strategically important BNP Paribas (China), and on strategically important Bank of the West.

The agency also revised to negative from stable the outlooks on Exane, Credit Agricole SA and its core bank entities, BPCE and its core bank subsidiaries, including Natixis and Credit Mutuel and its core bank entities.

S&P affirmed the banks’ ratings.

Also, the agency affirmed the ratings of Societe Generale. Its outlook remains stable.

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