Moody's could cut French bank ratings

Three major French banks could have their credit ratings cut by Moody's because of their exposure to Greek debt.

BNP Paribas, Societe Generale and Credit Agricole all face reviews of their standalone financial strength ratings and long-term debt and deposit ratings. The agency said: "The primary focus of all three reviews will be the banks' credit exposures to Greek government debt and the Greek private sector and the potential for inconsistency between the impact of a possible Greek default or restructuring and current rating levels. "The review of SocGen will also assess the likelihood of future government support since our systemic support assumption is currently higher than the average for t...