MUMBAI (Thomson Financial) - Fitch Ratings said it affirmed France-based Calyon's ratings at long-term issuer default rating at 'AA' with stable outlook.
The action reflects the announcement by the bank yesterday of a 250 mln eur loss in its third-quarter results, due to unwinding credit derivative positions unduly taken by one of its traders in New York.
Positions on such products had been taken in excess of limits authorised by Calyon's management and have since returned to normal.
The extent of these operational losses are largely absorbable by Calyon's parent company Credit Agricole and Calyon still expects to post net profits for the third quarter. TFN.newsdesk@thomson.com ssa/ssa COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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