LONDON (AP) ? Moody's has downgraded the debt ratings of French banks Societe Generale and Credit Agricole in light of their potential exposure to the debts of Greece.
Wednesday's decision from the agency to cut their ratings has been widely expected this week.
The downgrades come as Europe scrambles to deal with the Greek debt crisis amid mounting fears that the debt-laden nation may have to default. French President Nicolas Sarkozy and German Chancellor Angela Merkel are due to speak with Greek Prime Minister George Papandreou in a teleconference to discuss the crisis.
Moody's also warns that BNP Paribas could see its rating downgraded by one notch as well.
Associated Presspierre de fermat pierre de fermat bf3 apollo 18 salma hayek hal newsday
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