French banks under review

The credit rating agency Moody’s said it might downgrade the credit ratings of three of the largest French banks because of their exposure to the Greek debt crisis. According to the agency, BNP Paribas and Credit Agricole could face one-notch downgrades and Societe Generale could see a two-notch decline as a result of their holdings of Greek government bonds or through their local banking subsidiaries. It also warned that the contagion could spread beyond France.