French Banks Drop After Moody’s Cuts Debt Ratings

Dec. 9 (Bloomberg) -- French banks slid after Moody’s Investors Service cut credit ratings on BNP Paribas SA, Societe Generale SA and Credit Agricole SA.

BNP dropped 3.5 percent to 30.035 euros, Societe Generale slid 4.2 percent to 18.30 euros and Credit Agricole slumped 3.5 percent to 4.44 euros at 9:06 a.m. in Paris.

The long-term debt ratings for BNP Paribas and Credit Agricole were lowered by one notch to Aa3, the fourth-highest investment grade, the ratings company said. Societe Generale’s rating was cut to A1, the fifth highest.

Moody’s also cut the standalone assessments of financial health of the three banks.

To contact the editor responsible for this story: David Whitehouse at dwhitehouse1@bloomberg.net