Moody's downgrades the credit rating of Credit Agricole to Aa2 from Aa1 and Societe Generale to...

|About: Societe Generale ADR (SCGLY)|By:, SA News Editor

Moody's downgrades the credit rating of Credit Agricole to Aa2 from Aa1 and Societe Generale to Aa3 from Aa2, with negative outlook. The financial strength rating of Credit Agricole is lowered to C from C+, while the review of SocGen's will be extended "to consider the implications of the potentially persistent fragility in the bank financing markets, given its continued reliance on wholesale funding."