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Wednesday, September 14, 2011

Moody's cuts SocGen and CreditAgricole, BNPP still on review (Edge)

Moody's Investors Service on Wednesday downgraded two of France's top banks, Societe Generale and Credit Agricole , in a new blow to efforts by European policymakers to restore market confidence in the region.

The ratings agency said it was extending its review of BNP Paribas (BNPP) , but any downgrade was unlikely to be by more than one notch.

Moody's had put the banks under review for possible downgrade on June 15, citing their exposure to Greece's debt crisis.

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