FX Week

S&P rates Calyon AA-

The new rating is a downgrade for CAI, which previously had AA rating, but an upgrade for Credit Lyonnais, formerly rated A. But this is unlikely to affect the former CAI’s relationships with key clients, said S&P credit analyst Yves Burger. Instead, the size of the new group is likely to put the bank on a more equal footing with domestic peers.

The merger has created an entity about double the former size of CAI. Based on average revenues in corporate and investment banking the aggregated f