PARIS (dpa-AFX) - Standard & Poor's Ratings Services has lowered credit ratings of four French banks including Societe Generale SA (SCGLY.PK, SCGLF.PK) and Credit Agricole SA (ACA, CDA.L, CRARF.PK). Meanwhile, the rating agency affirmed the ratings of BNP Paribas SA (BNP.L, BNPQY.PK). Earlier this month the credit rating agency has downgraded France. S&P has lowered French lender Societe Generale's and core subsidiaries' long-term ratings to 'A' from 'A+', following sovereign action. However, outlook remains stable. S&P affirmed the 'A-1' short-term ratings on Societe Generale and its core subsidiaries. Societe Generale receives one notch, rather than two notches, of sovereign support on its stand-alone credit profile. S&P also downgraded Groupe BPCE, and French lender Credit Agricole one notch to single-A with a stable outlook. The firm cut the counterparty credit rating on Caisse des Depots et Consignations one notch to double-A-plus with a negative outlook. According to S&P, the stable outlook on Credit Agricole reflects its expectation that the group will further increase its capital position over the next two years, and that its underlying performance will demonstrate satisfactory resilience. The rating agency also affirmed the ratings of BNP Paribas SA (BNP.L, BNPQY.PK) and Credit Logement. S&P affirmed its 'AA-/A-1+' long- and short-term ratings on BNP Paribas and most of its core subsidiaries. S&P cut the sovereign-debt ratings of France and eight other euro-zone countries earlier this month. In Paris, Societe Generale shares are currently trading at 21.69 euros, down 4.86 percent, on a volume of 3.76 million shares, while Credit Agricole shares are down 3.6 percent at 5.02 euros, on 6.26 million shares. Shares of BNP Paribas trades at 35.41 euros, down 1.77 percent on 2.83 million shares.
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