Long-term rating was downgraded at Credit Agricole with a step at AA3 and A1 for Societe Generale. The degree of financial solidity of Societe Generale was down two steps from C plus to C minus. Demotion was motivated by the agency operating environment in the fragile European banks.

Yesterday, Standard & Poor's placed under surveillance with negative outlook ratings of major European banks.

These are BNP Paribas, Credit Agricole, Societe Generale, Banque Populaire in France, Deutsche Bank and Commerzbank of Germany and Italian banks UniCredit and Intesa Sanpaolo. Rating agency said that other European banks will soon be placed under negative watch.

Decrease or maintain ratings depend on the decisions to be taken at the European summit. The announcement comes after the S & P warned that 15 countries in the euro area could reduce rating.