The Moody’s rating agency has downgraded credit ratings for two French banks and issued a warning to a third.

Moody’s cut the credit rating Wednesday of Societe Generale and Credit Agricole as worries grew about a possible Greek default. BNP Paribas has been placed on negative watch for possible future downgrade.

Moody’s said Credit Agricole’s downgrade was directly related to the bank’s exposure to Greek debt.

The three French banks were warned in June that a downgrade was possible due to their relationship with the uncertain Greek economy. The credit rating agency’s decision had been expected.

BNP and Societe Generale both issued statements earlier in the week to alleviate market fears ahead of a possible downgrade. Despite the statement, BNP shares were down nearly three percent in early trading on the Frankfurt exchange.