MOODY'S MAY DOWNGRADE THREE FRENCH BANKS
Moody's Investors Service Inc said it
may downgrade the top-flight Aaa ratings of Societe Generale,
Banque Nationale de Paris and Credit Lyonnais.
    The rating agency cited the ongoing deregulation of the
French banking industry and financial markets. Moody's said it
anticipates increasing competition and reduced profitability of
the banks' core businesses.
    The senior debt and certificates of deposit of the three
banks are rated Aaa. However, their Prime-1 commercial paper
ratings are not under review. Issues supported by long-term
letters of credit of the banks may also be affected.
 Reuter
