Societe Generale, Credit Agricole Ratings Downgraded by S&P

Societe Generale SA (GLE) and Credit Agricole SA (ACA) were among French banks to have their credit grades cut by Standard & Poor’s after France was stripped of its top rating earlier this month.

Societe Generale and Credit Agricole’s ratings were downgraded to A from A+, S&P said today in statements. Caisse des Depots et Consignations was cut to AA+ from AAA.

European nations are grappling with a debt crisis now in its third year as they seek to restore budget order. France lost its AAA rating Jan. 13 amid downgrades that left Germany the sole nation in the euro area with a stable rating that high.

“The downgrade of some of these banks follows the downgrade of France,” S&P wrote in a statement today.

To contact the reporter on this story: Peter Eichenbaum in New York at peichenbaum@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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