Moody's downgrades French banks

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Moody's gives Société Générale and Crédit Agricole their second downgrade in under three months, citing poor funding conditions and debt exposure.

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Moody's Investors Service Friday hit Société Générale SA and fellow French bank Crédit Agricole SA with their second downgrade in less then three months, citing poor funding conditions and their exposure to sovereign debt, reports The Wall Street Journal.