Moody’s downgrades three French banks

The US isn’t the only place that is getting its credit rankings lowered. Three French banks just had their Moodys credit rankings downgraded. The organizations include  BNP Paribas,Société Générale and Crédit Agricole. BNP Paribas and Credit Agricole were taken down to Aa3 and Socgen was downgraded to A1 after a review that they announced back in June. Much of this is parked by the eurozone’s sovereign debt crisis which has led to many investors loosing confidence in the bank debt market. Especially after the banking incidents in the West ( here in the US ) banks have been loosing a lot of support lately from the consumers as well as top level investors. In the United States many of you may remember bank transfer day recently in which millions if not billions of dollars was taken out of the main stream banks by consumers who lost trust in the big banks and put their money in local credit unions.