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Fitch Downgrades Major French Banks

Wednesday July 17,2013,

Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDRs) of Credit Agricole (CA), Societe Generale (SG), Groupe BPCE (GBPCE), Dexia and Dexia Credit Local (DCL) to ’A’ from ’A+’ and Short-term IDRs to ’F1’ from ’F1+’. Fitch has also downgraded BNP Paribas’ (BNPP) and CM11-CIC’s Short-term IDRs to ’F1’ from ’F1+’. The Viability Ratings (VRs) of all French banks and BNPP’s and CM11-CIC’s Long-term IDRs are unaffected. In addition, BNPP’s, CA’s, CM11-CIC’s, SG’s, GBPCE’s, Dexia’s and DCL’s Support Rating Floors (SRFs) have been revised to ’A’ from ’A+’.

Fitch has affirmed Credit Immobilier de France Developpement’s (CIFD) Long-term IDR at ’A’, Short-term IDR at ’F1’ and SRF at ’A’. La Banque Postale’s (LBP) Long-term IDR has been downgraded to ’A+’ from ’AA-’ and Short-term IDR affirmed at ’F1+’. A full list of ratings actions is at the end of this comment. The impact on the banks’ related entities will be detailed in a separate rating action commentary.

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