Moody's Cuts French Banks' Ratings

Moody’s slashed the ratings Wednesday for two French banks, Société Générale and Crédit Agricole, due to concerns over their exposure to Greek debt. French financial institutions have the most exposure to Greek debt—the downgrade is, therefore, a sign of worry from Moody’s that Europe will be unable to stabilize the Greek economy. Still, the downgrades were not as bad as some had feared: BNP, France’s largest bank, saw its credit rating unchanged.