The second take-down of Certificados Bursátiles Bancarios will be for an amount up to the equivalent of Mx$2 billion and a maturity of up to four years. These notes represent the second issuance under Crédit Agricole México's debt program (Programa Dual Revolvente de Certificados Bursátiles) set for up to Mx$10 billion. The program was originally rated by Moody's on April 12, 2011.

The following senior debt ratings were assigned to Crédit Agricole México's second issuance of Certificados Bursátiles Bancarios:

- Long-term Mexican National Scale senior debt rating of Aaa.mx, stable outlook

- Long-term global local currency senior debt rating of A2, negative outlook

RATINGS RATIONALE

Crédit Agricole México's debt ratings are based on an irrevocable and unconditional guarantee provided by Crédit Agricole Corporate and Investment Bank, Société Anonyme (Credit Agricole) rated A2/negative/Prime-1 by Moody's Investors Service.

The methodology used in rating Credit Agricole was "Moody's Consolidated Global Bank Rating Methodology" published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The date of the last Credit Rating Action was 21 July 2012, when Moody's downgraded firms with global capital markets operations.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in March 2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

The long-term Mexican National Scale rating of Aaa.mx indicates issuers or issues with the strongest creditworthiness relative to other domestic issuers.

Crédit Agricole México is headquartered in Mexico City. As of 31 March 2012, the company reported Mx$2.0 billion in assets (source: Moody's and Bolsa Mexicana de Valores).

The period of time covered in the financial information used to determine the rating is between 31 December 2010 and 31 March 2012 (source: Moody's and Crédit Agricole México).

The sources and items of information used to determine the rating include 2012 interim financial statements (source: Crédit Agricole México); year-end 2010 and 2011 audited financial statements (source: Crédit Agricole México, audited by Mancera, S.C. member of Ernst & Young Global Limited); irrevocable and unconditional guarantees from Crédit Agricole (source: Crédit Agricole México); debt offering memoranda (source: Crédit Agricole México).

Additional information on Rating Symbols and Definitions, issuer, lead analyst, ratings history, etc., can be found in Moody's local website www.moodys.com.mx.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity prior to public dissemination.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

In compliance with regulatory requirements, Moody's de Mexico has been informed that during the two-month period prior to the execution of the rating agreement governing this rating assignment, no other credit rating agency has assigned a rating on the same issuer/securities referred to in this press release.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.mx for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

David Olivares Villagomez VP - Senior Credit Officer Financial Institutions Group Moody'sde Mexico S.A. de C.V Ave.Paseo de las Palmas No. 405 - 502 Col. Lomas de Chapultepec Mexico, DF 11000 Mexico JOURNALISTS: 001-888-779-5833 SUBSCRIBERS:52-55-1253-5700Maria Celina Vansetti-Hutchins MD - Banking Financial Institutions Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's de Mexico S.A. de C.V Ave.Paseo de las Palmas No. 405 - 502 Col. Lomas de Chapultepec Mexico, DF 11000 Mexico JOURNALISTS: 001-888-779-5833 SUBSCRIBERS:52-55-1253-5700(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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