S&P downgrades French banks

Ratings agency Standard & Poor’s cut the credit ratings of several French banks including BNP Paribas last night, warning they were becoming more exposed to a potentially protracted recession in the Eurozone. S&P cut its counterparty credit ratings on BNP and two smaller, unlisted banks; it also cut the outlook on ten banks including Societe Generale and Credit Agricole to negative from stable. S&P cited economic risks in France.