French aviation banks downgraded due to Greek woes

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Eurozone woes tied to Greek debt exposure led Moody's Investors Service to downgrade two French aviation banks today. It kept a third, BNP Paribas, under review.

The ratings agency downgraded Societe Generale from "Aa2" to "Aa3", and Credit Agricole from "Aa1" to "Aa2". It is keeping BNP Paribas at "Aa2" for the time being, but all three banks face continuing review.

Moody's says it does not expect the banks to be downgraded further by more than one notch, under current conditions.