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Sept. 14 (Bloomberg) -- Societe Generale SA had its debt and deposit ratings cut by one level to Aa3 from Aa2 with a negative outlook by Moody’s Investors Service.
The bank has adequate capital to support its exposure to Greece, Portugal and Ireland, Moody’s said in a statement today. A separate bank financial strength rating remains under review as Moody’s examines the impact of “potentially persistent fragility” in bank financing markets.
Moody’s said that it anticipates that the bank financial strength rating would be cut by no more than one level.
U.S. money-market fund managers, led by Vanguard Group Inc. and Legg Mason Group Inc., have cut their lending to French banks at a pace that may force the banks to raise capital by selling assets, according to a Sept. 9 report by William Prophet, a desk analyst at Deutsche Bank Securities Inc.
Societe Generale said on Sept. 12 that it plans to free up 4 billion euros ($5.5 billion) in capital through disposals by 2013 to reassure investors about its finances.
--Editor: Frank Connelly.
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