Seven institutions holding a lot of French debt, including BNP Paribas, BPCE, Crédit Mutuel, La Banque Postale and Crédit Agricole, are paying the price for France’s rating downgrade.
Feared since the end of October, the decision is directly linked to French political instability and its impact on public debt. Five days after downgrading France’s sovereign rating following the Barnier government’s censure, the Moody’s rating agency on Tuesday lowered those of seven French banks. Virtually all major banking groups are concerned: BNP Paribas, BPCE (Banque populaire, Caisse d’Épargne, Natixis), Crédit Mutuel (CIC, Arkéa), La Banque Postale and Crédit Agricole. A welcome gift that Olivier Gavalda would surely have done without, who was appointed Tuesday by his board of directors as successor to Philippe Brassac at the head of the Green Bank in May 2025.
The ratings of public establishments, Bpifrance, Sfil (public development bank) and the Caisse des Dépôts (CDC) were also lowered. « This decision reflects our opinion that France’s public finances…
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