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Saturday
Dec102011

Moody's Downgrades Largest French Banks

Scott Eells/Bloomberg via Getty Images(PARIS, France) -- Credit ratings agency Moody's downgraded the three largest banks in France on Friday on fears of increasing economic instability.

The ratings for BNP Paribas, Credit Agricole, and Societe Generale, were all downgraded. BNP and Agricole were moved down a notch to AA3, while Societe Generale was downgraded to A1.

The downgrades were prompted by anxiety over the European debt crisis, although are a continuation of a pattern started by Moody's last summer.

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