NEW YORK -- Moody's Investors Service said it reduced the long-term ratings of Banque Nationale de Paris and its subsidiaries due to concern over economic conditions in France.

The rating agency pointed to potential asset-quality stress, partly related to a difficult economic cycle, tighter competition for assets among French banks, low credit demand, and long-term negative pressure on banking net margins.

The rating agency also said it has placed the long-term ratings of Societe Generale under review for a possible downgrading. It said, however, that any such action would probably be minor because of Societe Generale's finaical strength and management capability.

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