The three main French banks (Crédit Agricole, Société Générale and BNP Paribas) are in Moody's crosshairs for the Greek crisis. The rating agency could downgrade them due to their exposure to the Greek country's public debt and private sector.
In the case of Crédit Agricole and Bnp Paribas the downgrade should not be more than one notch, while the debt and deposit ratings of SocGen could be downgraded by up to two notches. Crédit Agricole's long-term rating is currently Aa1, that of Bnp Paribas Aa2. In the case of Crédit Agricole, the problems derive above all from the Greek subsidiary of the French group, the Emporiki bank, and therefore mainly concern the debts of the private sector. For Bnp Paribas and Société Générale, on the other hand, what is most worrying is the government bond portfolio, which, at the end of March, totaled five billion for the first institution and 2,5 for the second. SocGen also owns a subsidiary in Greece, Geniki, but with total loans granted to the private sector amounting to 3,4 billion against Emporiki's 21,1.
