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French banks downgraded

Moody's ratings agency downgraded two top French banks, highlighting the risk of a eurozone domino effect amid warnings the crisis could destroy the European Union.

French banks Societe Generale and Credit Agricole in Rennes, western France. Moody's ratings agency said it has downgraded by one notch top French banks Societe Generale and Credit Agricole while leaving BNP Paribas on negative watch.

Moody's cut the rating for Credit Agricole bank, one of the biggest in Europe, from Aa1 to Aa2 and Societe Generale's from Aa2 to Aa3 because of fears over their exposure to Greek sovereign debt.

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Writer: AFP News agency
Position: Agence France-Presse

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