French Banks Tumble on Possible Moody’s Cut on Greek Woes
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BNP Paribas SA, Societe Generale SA and Credit Agricole SA plunged in Paris on a possible ratings cut by Moody’s Investors Service, extending their more than 40 percent slide in the last three months.
Societe Generale fell 11 percent to its lowest level in 19 years. Credit Agricole tumbled 11 percent to its lowest on record. BNP Paribas dropped 12 percent to a 2 ½-year low. Credit-default swaps tied to the senior debt of the three banks, reflecting the cost of insuring against default, rose to records, according to CMA.