SocGen Says S&P Cut Decision Was Anticipated by Investors

Societe Generale (GLE) SA said that the decision by Standard & Poor’s to cut its credit rating to A from A+ was widely anticipated by investors.

“This downgrade is a direct consequence of the methodology used by S&P, which builds into our rating an element of systemic support by the French state, whose own sovereign rating has been recently cut,” the bank said in a statement.

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

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