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Moody’s downgrades two French banks

Credit ratings agency Moody’s has downgraded two French banks due to their exposure to Greek debt.

Credit Agricole was cut from Aa1 to Aa2 and Societe Generale from Aa2 to Aa3.

BNP Paribas has also been kept on review with a possible downgrade not being ruled out.

There are widespread fears of an imminent debt default by Greece with a number of political leaders meeting today to discuss the crisis.

A further one-notch downgrade has not been ruled out for the trio as Moody’s has said it was also planning to extend its review of all three banks “to consider the implications of the persistent fragility in the bank financing markets, given the banks’ continued reliance on wholesale funding”.

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