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Nothing to See Here People; Move it Along, Move it Along

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Moody’s downgrades three French banks.

Ratings agency Moody’s downgraded the debt of BNP Paribas (BNPP.PA), Societe Generale (SOGN.PA), and Credit Agricole (CAGR.PA) on Friday, citing deteriorating liquidity and funding conditions.

Moody’s cut its ratings on the long-term debt of BNP and Credit Agricole by one notch to Aa3, concluding reviews that began in June and were continued in September. Societe Generale’s long-term debt was cut by one notch to A1.

http://www.reuters.com/article/2011/12/09/us-france-banks-moodys-idUSTRE7B80M420111209

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