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Credit Agricole, SocGen Credit Ratings Cut by Moody’s

Credit Agricole SA and Societe Generale SA, France’s second- and third-largest banks, had their long-term credit ratings cut one level by Moody’s Investors Service, which now plans to examine the impact of tighter financing markets on French lenders.

Moody’s put the companies, along with BNP Paribas SA, on review for a possible downgrade on June 15, citing the risks posed by their investments in Greece. Since then, concern over Europe’s escalating sovereign debt crisis has crimped European banks’ ability to raise funds in dollars.