安融（香港）评级确认法国农业信贷银行股份有限公司“A+”国际评级；展望:稳定；人民币债券“A+”
安融（香港）评级确认法国农业信贷银行股份有限公司“A+”国际评级；展望:稳定；人民币债券“A+”
2025年1月17日，中国香港。法国农业信贷银行股份有限公司（以下简称“法国信贷银行”或“该行”）主体长期信用等级为A+，评级展望为稳定，法国农业信贷银行2024年第二期人民币债券（债券通）国际信用等级为A+。
评级结果肯定了在法国零售银行市场稳居领先地位，业务模式和收入来源逐步丰富，具备领先的品牌优势，特别是在零售银行、保险和资产管理方面，良好的收益、合作制的经营模式和保守的资本政策支持集团非常稳健的资本状况，同时也关注到法国国内零售业净利息收入暂时承压，利息快速上行导致新增个人住房抵押贷款减少，但这属于法国银行业普通趋势，市场环境恶化可能推升信用风险，特别是对于大型公司和中小企业而言，意大利作为集团认定的第二大市场，面临相对较高的经济风险等风险因素。
关键评级观点
优势
在法国零售银行市场稳居领先地位；
业务模式和收入来源逐步丰富，具备领先的品牌优势，特别是在零售银行、保险和资产管理方面；
良好的收益、合作制的经营模式和保守的资本政策支持集团非常稳健的资本状况。
关注
法国国内零售业净利息收入暂时承压，利息快速上行导致新增个人住房抵押贷款减少，但这属于法国银行业普通趋势；
市场环境恶化可能推升信用风险，特别是对于大型公司和中小企业而言；
意大利作为集团认定的第二大市场，面临相对较高的经济风险。
评级展望
预计公司业务持续性较好，综合实力逐步增强。综合考虑，安融（香港）评级给予公司的信用评级展望为稳定。
注：
1、上述评级均为主动评级。
2、本文译自英文版新闻稿。若有分歧，以英文版为准。
专案组组员
林芮礽，分析师
评审委员会主任
胡超
Huchao@arrating.com
媒体联系
complaints@arrating.com
评级服务联系
林芮礽
相关信用评级委员会召开日期：2025年1月17日
若欲获取进一步的信息，敬请访问www.arrating.com
相关的评级方法和模型
《银行业信用评级方法和模型》（2024年11月28日）
免责条款
本次评级依据评级对象已经正式对外公布的信息，相关信息的合法性、真实性、完整性、准确性和及时性由评级对象及其信息发布方负责。安融(香港)评级按照相关性、及时性、可靠性的原则对评级信息进行了审慎分析，但对上述信息的合法性、真实性、完整性、准确性和及时性不作任何保证。评级结果未考虑无法获取的可能对信用等级有重要影响的非公开数据。
本报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着安融(香港)评级实质性建议任何使用者据本报告采取投资、借贷和交易等行为，也不能作为使用者购买、出售或持有相关金融产品的依据。在任何情况下，安融(香港)评级、安融(香港)评级董事、股东、雇员、代表不对任何投资者（包括机构投资者和个人投资者）使用本报告所表述的安融(香港)评级的分析结果而出现的任何损害、开支、费用或损失承担任何责任，亦不对被评对象或其发行人使用本报告或将本报告提供给其它方所产生的任何后果承担任何责任。
ARHK Affirms ‘A+’ International Rating to Crédit Agricole S.A., Outlook Stable
17 January 2025
Hong Kong, January 17, 2025. ARHK has affirmed an international scale long-term issuer credit rating of ‘A’ to Crédit Agricole S.A., with a stable outlook.
The rating results confirm its leading position in the French retail banking market, the gradual enrichment of its business model and income sources, boasting a leading brand advantage, particularly in retail banking, insurance, and asset management. The group's very robust capital position is supported by good profitability, a cooperative business model, and a conservative capital policy. Meanwhile, attention is paid to the temporary pressure on net interest income in the French domestic retail sector, with rapidly rising interest rates leading to a reduction in new personal home mortgage loans. However, this is a common trend in the French banking industry. The deteriorating market environment may increase credit risk, especially for large companies and SMEs. Italy, identified as the group's second-largest market, faces relatively high economic risks and other risk factors.
KEY RATING PERSPECTIVES
Strengths
Maintaining a leading position in the French retail banking market;
Gradually enriching business model and income sources, boasting a leading brand advantage, particularly in retail banking, insurance, and asset management;
Good profitability, cooperative business model, and conservative capital policy support the group's very robust capital position.
Weaknesses
Temporary pressure on net interest income in the French domestic retail sector, with rapidly rising interest rates leading to a reduction in new personal home mortgage loans, but this is a common trend in the French banking industry;
The deteriorating market environment may increase credit risk, especially for large companies and SMEs;
Italy which is identified as the group's second-largest market faces relatively high economic risks.
RATING OUTLOOK
The company is expected to maintain good business continuity and gradually enhance its comprehensive strength. Taking all factors into consideration, ARHK assigns a stable outlook to the credit rating of Crédit Agricole S.A..
NOTE:
1. The above ratings are all unsolicited credit ratings.
2. The Chinese version of this article is translated from the English version of the press release. In case of discrepancies, the English version shall prevail.
ANALYST CONTACTS
Analyst
Lam Yui Ying
Committee Chair
James Hu
Media Contact
Rating Services Contact
Lam Yui Ying
Date of Relevant Rating Committee: 17 January 2025
Additional information is available on www.arrating.com
Related Criteria
Sovereign Credit Rating Methods and Models (28 November 2024)
DISCLAIMER
This rating is based on information officially released to the public by the rated objects. The legality, authenticity, completeness, accuracy, and timeliness of the relevant information are the responsibility of the rated objects and its information publishers. ARHK has conducted a prudent analysis of the rating information based on the principles of relevance, timeliness, and reliability, but does not guarantee the legality, authenticity, completeness, accuracy, and timeliness of the above information. The rating results did not take into account non-public information that may have a significant impact on the credit rating and could not be obtained.
Any statements and judgments regarding the credit status of the rated objects in this report are only for reference in relevant decision-making and do not imply that ARHK substantively recommends any user to invest, borrow or lend money, and trade based on this report, nor can they be used as a basis for users to purchase, sell, or hold related financial products. Under no circumstances shall ARHK, as well as its directors, shareholders, employees, or representatives be liable for any damages, expenses, costs, or losses incurred by any investor (including institutional and individual investors) as a result of using the analysis results presented in this report, nor shall they be liable for any consequences arising from the use of this report by the rated objects or their issuers or providing this report to other parties.