Moody'son July 19 took various ratings actions on certain subsidiaries.

Therating agency upgraded the long-term debt and deposit ratings of andCrédit Agricole Corporate andInvestment Bank to A1 from A2 and revised the outlook on theratings to stable from positive. The short-term ratings were affirmed atPrime-1.

Moody'supgraded Crédit Agricole SA's baseline credit assessment to "baa3"from "ba1" and its adjusted baseline credit assessment to"baa1" from "baa2," reflecting material improvements in thefinancial strength of both Crédit Agricole Group and Crédit Agricole SA, particularlyin asset risk and profitability. The upgrade is also based on expectations offurther improvement in capitalization, despite the agency's view that the bankwill operate in a difficult and uncertain economic and regulatory environment.Crédit Agricole CIB's baseline credit assessment was affirmed at "ba2."

Moody'supgraded both units' long-term counterparty risk assessments to Aa3(cr) fromA1(cr). The Prime-1(cr) short-term counterparty risk assessments were affirmed.

Moody'salso upgraded Italy-based FCABank SpA's long-term deposit ratings to A3 from Baa1, long-termissuer ratings to Baa1 from Baa2 and the adjusted baseline credit assessment to"baa3" from "ba1." The outlook on the long-term ratings isstable.

FCABank's Prime-2 short-term deposit ratings, Baa1(cr)/Prime-2(cr) long- andshort-term counterparty risk assessments and "ba2" baseline creditassessment remain unaffected.

Theupgrades follow the upgrade of Crédit Agricole SA, the agency said, addingthat it believes there is a high probability that Crédit Agricole SA would extend extraordinary supportto FCA Bank incase of need. CréditAgricole Group owns 50% of the Italian bank through unit ,according to SNL Financial data.

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