Bloomberg News

Moody’s Cuts French Banks, Says SocGen Likely to Get Bailout

December 09, 2011

Dec. 9 (Bloomberg) -- Moody’s Investors Service today cut ratings on Societe Generale SA, BNP Paribas SA and Credit Agricole SA, citing worsening liquidity and access to funding.

The ratings service said in a statement that the probability that Societe Generale will get systemic support is very high.

Each of the three banks had their long-term debt and deposit ratings cut by one step.

--Editor: David Whitehouse

To contact the reporter on this story: David Whitehouse in Paris at dwhitehouse1@bloomberg.net

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


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