Moody's Downgrade Of French Banks Imminent

France's Largest Banks, BNP Paribas (BNPQY), Societe Generale (SCGLY) and Credit Agricole SA (CRARY), may have their credit ratings cut by Moody's Investors Service as early as next week, due to their Greek holdings, according to sources.

The three banks have been on ratings review since June to examine “the potential for inconsistency between the impact of a possible Greek default or restructuring and current rating levels,” said Moody's.