Bloomberg News

Noyer Calls Moody’s Analysis of French Banks ‘Totally Erroneous’

December 09, 2011

Dec. 9 (Bloomberg) -- Bank of France Governor Christian Noyer said that the decision today by Moody’s Investors Service to downgrade French banks was “totally erroneous.”

“It’s quite bizarre,” Noyer said in an interview to be broadcast later today on LCI television. “It comes at exactly the moment when French banks passed all the European stress tests,” when they’ve proven their ability to build their capital and are on track to meet their targets for mid-2012, he said. “The rating agencies are no longer looking at the economic fundamentals,” Noyer added.

To contact the reporter on this story: Mark Deen in Paris at

To contact the editor responsible for this story: Mark Deen at

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