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���������ֳ�-London/Paris-11 May 2009: ���������ֳ� has today downgraded Credit du Nord's (CN) Long-term Issuer Default Rating (IDR) to 'A' from 'A+', whilst affirming its Short-term IDR at 'F1', Individual Rating at 'B/C' and Support Rating at '1'. The Outlook for CN's Long-term IDR is Stable. The agency has downgraded CN's subordinated debt issues to 'A-' from 'A'.

CN's IDRs are driven by the potential support available from its 80% shareholder, Societe Generale (SG, rated 'A+'/'F1+'/Stable). ���������ֳ� earlier today downgraded SG's Long-term IDR to 'A+' from 'AA-', reflecting continued pressure on profitability, further securities writedowns and mounting asset quality pressure in the loan portfolios, particularly in Central and Eastern Europe and Russia. (For further information, please see the press release, entitled '���������ֳ� Downgrades Societe Generale to 'A+'; Outlook Stable', which is available on the agency's public website, ). ���������ֳ� has thus downgraded CN's Long-term IDR to reflect the downgrade of SG's Long-term IDR. CN's Individual Rating reflects its recurring profitability, a good retail deposit base, and adequate asset quality and capitalisation.

CN focuses on French retail and commercial banking and has a 1.5% deposit market share in France. Around 51% of its loans are accounted for by individuals, 44% by SMEs, 3% by institutions and the balance in mixed categories. Mortgages represent around 28% of total loans and asset quality within these portfolios is holding up well, reflecting CN's affluent client base and conservative lending requirements.

CN's 2008 operating results were negatively impacted by two sizeable one-off items, namely a EUR72.2m loss on complex securities bought back from its asset management company, Etoile Gestion (EG) during 2007/2008 (such assets totalled EUR1.1bn at end-2008), and a positive revaluation of own debt (EUR28.4m).

CN is likely to experience modest loan growth during 2009, particularly within the SME segment, as companies seek to maintain liquidity and delay investments amid the global economic recession. CN's funding costs, which were negatively impacted in 2008 due to tight liquidity and customers switching into more highly remunerated accounts, have eased this year as interest rates have declined. CN's asset quality trends did not show any marked decline in Q109, but ���������ֳ� believes mounting pressure in the construction sector (19.2% of total SME loans) and other sensitive sectors (autos 3.1%, real estate 2.7%) could have a negative effect on the quality of the loan portfolio.

CN holds some EUR9bn of rediscountable securities which could provide immediate liquidity, either from SFEF, as part of the French State's bank support package, or ECB. Sourcing longer-term funding has become more difficult, although lines obtained from SFEF (EUR515m by Q109) have helped secure long-term funding lines. CN is not subject to stand-alone capital adequacy requirements, but ���������ֳ� considers CN's capital ratios to be adequate given the bank's risk profile. The bank's writedowns on the securities it bought back from EG negatively impacted equity by EUR68.4m in 2008.

���������ֳ� believes there is an extremely high probability that SG would provide support to CN if necessary, given that it is an integral and important contributor to the group's overall domestic retail banking strategy.

Contact: Janine Dow, Paris, Tel: +33 (0) 1 4429 9138; Eric Dupont: +33 (0) 1 4429 9131.

Media Relations: Nicole Batchelor, Singapore, Tel: +65 6796 7214, Email: nicole.batchelor@fitchratings.com; Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.