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Economy
In reply to the discussion: Weekend Economists Batten Down the Hatches October 26-28, 2012 [View all]xchrom
(108,903 posts)27. French banks hit by downgrade as consumer confidence stalls
http://www.france24.com/en/20121026-sp-standard-poors-downgrades-french-economy-banks-bnp-paribas-consumer-confidence
Standard and Poors (S&P) ratings agency downgraded three French banks on Friday, including global giant BNP Paribas, as new data showed French consumer confidence had once again hit record lows.
S&P lowered its long-term outlook for BNP Paribas to A+ from AA- and placed another 10 French banks on negative outlook, including Société Générale, Crédit Agricole, Allianz Bank and Crédit Mutuel.
BNP, France's No. 1 listed bank, fell 3.1 percent to 38.39 euros in early Friday trade, behind Société Générale and Crédit Agricole, respectively down 3.7 and 3.4 percent, on the news. They were among the biggest decliners in the STOXX Europe 600 bank index .SX7P, down 1.5 percent.
"The economic risks under which French banks operate have increased in our view, leaving them moderately more exposed to the potential of a more protracted recession in the eurozone," the ratings agency said in a statement.
Standard and Poors (S&P) ratings agency downgraded three French banks on Friday, including global giant BNP Paribas, as new data showed French consumer confidence had once again hit record lows.
S&P lowered its long-term outlook for BNP Paribas to A+ from AA- and placed another 10 French banks on negative outlook, including Société Générale, Crédit Agricole, Allianz Bank and Crédit Mutuel.
BNP, France's No. 1 listed bank, fell 3.1 percent to 38.39 euros in early Friday trade, behind Société Générale and Crédit Agricole, respectively down 3.7 and 3.4 percent, on the news. They were among the biggest decliners in the STOXX Europe 600 bank index .SX7P, down 1.5 percent.
"The economic risks under which French banks operate have increased in our view, leaving them moderately more exposed to the potential of a more protracted recession in the eurozone," the ratings agency said in a statement.
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