S&P downgrades 3 French banks' credit rating including BNP Paribas
Paris: Global ratings agency Standard and Poor's (S&P) Thursday downgraded several French banks, including the leading BNP Paribas, because of economic downturn.
The BNP Paribas ratings were lowered by one notch from "AA-" to "A+" for long-term notes and from "A-1+" to "A-1" for short-term notes, Xinhua reported.
The ratings agency also placed the Credit Agricole, the Society Generale and eight other French banks on negative outlook.
S&P views French bank sectors exposing to higher economic risks and have the potential of a more protracted recession in the eurozone.
France has been grappling with sluggish economy along with other EU states for three years. It lost its AAA credit rating Jan 13, 2012, after S&P lowered the ratings to AA+.