After France lost its AAA-credit rating earlier in January, Standard & Poor’s has cut the credit ratings of Paris-listed Société Générale and Crédit Agricole from A to A+, with a stable outlook.

“The downgrade of some of these banks follows the downgrade of France,” S&P said in a statement.

Elaborating on the outlook for the banks, S&P said it expected lower investment-banking revenues will affect SocGen’s operating income.

As for Crédit Agricole, S&P said: “The stable outlook reflects our expectation that the group will further strengthen its capital position over the next two years and that its underlying performance will demonstrate satisfactory resilience despite the less dynamic operating environment since mid-2011.”

Earlier in January, media reports said Société Générale will announce an overhaul of its private banking unit that will see Daniel Truchi replaced as head of private banking, Reuters reported, citing several unnamed sources. The Paris-listed bank declined to comment on the matter when contacted by this publication.