安融（香港）評級確認法國農業信貸銀行股份有限公司“A+”國際評級；展望:稳定；人民幣債券“A+”
安融（香港）評級確認法國農業信貸銀行股份有限公司“A+”國際評級；展望:稳定；人民幣債券“A+”
17 1 2025
2025年1月17日，中國香港。法國農業信貸銀行股份有限公司（以下簡稱“法國信貸銀行”或“該行”）主體長期信用等級為A+，評級展望為穩定，法國農業信貸銀行2024年第二期人民幣債券（債券通）國際信用等級為A+。
評級結果肯定了在法國零售銀行市場穩居領先地位，業務模式和收入來源逐步豐富，具備領先的品牌優勢，特別是在零售銀行、保險和資產管理方面，良好的收益、合作制的經營模式和保守的資本政策支持集團非常穩健的資本狀況，同時也關注到法國國內零售業淨利息收入暫時承壓，利息快速上行導致新增個人住房抵押貸款減少，但這屬於法國銀行業普通趨勢，市場環境惡化可能推升信用風險，特別是對於大型公司和中小企業而言，義大利作為集團認定的第二大市場，面臨相對較高的經濟風險等風險因素。
關鍵評級觀點
優勢
在法國零售銀行市場穩居領先地位；
業務模式和收入來源逐步豐富，具備領先的品牌優勢，特別是在零售銀行、保險和資產管理方面；
良好的收益、合作制的經營模式和保守的資本政策支持集團非常穩健的資本狀況。
關注
法國國內零售業淨利息收入暫時承壓，利息快速上行導致新增個人住房抵押貸款減少，但這屬於法國銀行業普通趨勢；
市場環境惡化可能推升信用風險，特別是對於大型公司和中小企業而言；
義大利作為集團認定的第二大市場，面臨相對較高的經濟風險。
評級展望
預計公司業務持續性較好，綜合實力逐步增強。綜合考慮，安融（香港）評級給予公司的信用評級展望為穩定。
注：
1、上述評級均為主動評級。
2、本文譯自英文版新聞稿。若有分歧，以英文版為准。
專案組組員
林芮礽，分析師
評審委員會主任
胡超
Huchao@arrating.com
媒體聯繫
complaints@arrating.com
評級服務聯繫
林芮礽
相關信用評級委員會召開日期：2025年1月17日
若欲獲取進一步的資訊，敬請訪問www.arrating.com
相關的評級方法和模型
《銀行業信用評級方法和模型》（2024年11月28日）
免責條款
本次評級依據評級對象已經正式對外公佈的資訊，相關資訊的合法性、真實性、完整性、準確性和及時性由評級對象及其資訊發佈方負責。安融(香港)評級按照相關性、及時性、可靠性的原則對評級資訊進行了審慎分析，但對上述資訊的合法性、真實性、完整性、準確性和及時性不作任何保證。評級結果未考慮無法獲取的可能對信用等級有重要影響的非公開資料。
本報告對評級對象信用狀況的任何表述和判斷僅作為相關決策參考之用，並不意味著安融(香港)評級實質性建議任何使用者據本報告採取投資、借貸和交易等行為，也不能作為使用者購買、出售或持有相關金融產品的依據。在任何情況下，安融(香港)評級、安融(香港)評級董事、股東、雇員、代表不對任何投資者（包括機構投資者和個人投資者）使用本報告所表述的安融(香港)評級的分析結果而出現的任何損害、開支、費用或損失承擔任何責任，亦不對被評對象或其發行人使用本報告或將本報告提供給其它方所產生的任何後果承擔任何責任。
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.