The ratings are based on the overall stability and predictability of the entire Crédit Mutuel Group (CM), one of France’s large retail banking and financial services networks. CM’s reassuring credit fundamentals are also a key driver for the ratings at their current high level. 

Scope’s ratings also take into account the existing challenges to the entire group’s operational and strategic cohesion, notably the dynamics of Crédit Mutuel Arkea’s strategic evolution. At the same time, Scope points out that divergent strategies within the group do not necessarily represent a structural weakness but an area of relative uncertainty; this holds to the extent that neither diverging party engages in risky activities that are incompatible with the group’s conservative culture.

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