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Moody’s cuts French banks as euro crisis deepens

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Don Durfee and Noah Barkin
Sept 14, 2011

Moody’s Investors Service cut the credit ratings of France’s Credit Agricole SA and Societe Generale on Wednesday, citing their exposure to Greece’s debt, a fresh blow to euro area leaders struggling to restore confidence in the region.

The ratings agency left BNP Paribas on review for a ratings downgrade saying the bank’s profitability and capital base provides adequate cushion to support its Greek, Portuguese and Irish exposure.

In a sign of the international alarm over the crisis, China and the United States urged Europe’s leaders to prevent the euro area debt mess — now threatening Italy — from spreading.

President Barack Obama urged “more effective coordinated fiscal policy” by the euro area states. Chinese Premier Wen Jiabao said Beijing was willing to help its biggest trading partner, but added that Europe must stop the crisis from growing.

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This article was posted: Wednesday, September 14, 2011 at 3:27 am

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