S&P cuts its rating for several large French banks, including SocGen (SCGLY.PK) and Credit...

|By:, SA News Editor
S&P cuts its rating for several large French banks, including SocGen (SCGLY.PK) and Credit Agricole (CRARY.PK) to A from A+ in the wake of stripping the country of its AAA. The agency also lowers the AAA rating of the country's sovereign wealth fund to AA+ with negative outlook.