Is there an air-leak in the exhaust at one of the two joints between exhaust manifold and the cat? The cat and sensor working correctly but measuring exhaust gas diluted by free air.
Diagnose Dan fixed such a problem on a Peugeot car, An air leak altered the composition of the exhaust gas,the sensors were fully functional, but the signals going to the ECU did not correlate with expected values, so the ECU was fooled into flaggeing the fully functional sensors as faulty.
Here is the video link to the Peugeot diagnosis.