S&P Global Ratings on March 19 downgraded France-based Oney Bank SA's long-term issuer credit rating to BBB from BBB+, with a stable outlook.

The rating agency also affirmed the bank's A-2 short-term issuer credit rating.

The downgrade of Oney Bank is based on a similar ratings action on the lender's parent company, French retail group Auchan Holding SA. S&P has equalized the ratings on Oney Bank with its parent due to its view of the bank's core status within the group.

The stable outlook of the bank reflects that on Auchan.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.