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DBRS revises trend on Crédit Agricole, parent

DBRS on Sept. 30 confirmed 's issuer rating andsenior long-term and deposits rating at A (high) and revised the trend on thelong-term ratings to positive from stable.

The agency also confirmed Crédit Agricole Group issuer rating at A (high) andrevised the trend to positive from stable. The short-term ratings of bothentities were confirmed at R-1 (middle) with stable trends.

The trend change reflects DBRS' view of Crédit AgricoleGroup's consistent progress in enhancing its funding and liquidity, its capitaland risk profile. The agency noted that the group reduced its reliance onshort-term funding, built substantial liquidity in its balance sheet and madesignificant advancement in its issuance of senior and subordinated debt.

Crédit Agricole Group has been steadily building its capitalposition and its fully loaded common equity Tier 1 ratio is in the upper end ofthe range for its counterparts, DBRS added. The group has alsocontinued to deliver resilient earnings despite a challenging operatingenvironment in its domestic markets.