Research Update: French Insurer Groupama S.A. Ratings Downgraded To 'BBB' From 'BBB+'; Outlook Negative Sep 11
Standard & Poors, September 2011
Abstract
On Sept. 13, 2011, we placed Groupama's 'BBB+' ratings on CreditWatch with negative implications, reflecting our view that adverse and volatile capital markets may be weakening its financial profile, in particular its capital adequacy. Although management plans to implement strategic actions that will likely improve capital adequacy, we believe they will probably be insufficient to restore and maintain capital adequacy to levels commensurate with 'BBB+' ratings over the next two years. As a result, we are lowering our long-term ratings on Groupama to 'BBB' from 'BBB+'. We are also lowering our ratings on Groupama's junior subordinated debt to 'BB+' from 'BBB-'. In addition, we are lowering our ratings on Groupama Banque to 'BBB-/A-3' from 'BBB/A-2'; the outlook is negative. The...
Companies mentioned in this report are: Groupama S.A.,GAN Assurances,Groupama Insurance Co. Ltd.,Groupama Transport,Groupama Banque,GAN Eurocourtage,Groupama GAN Vie
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Groupama S.A.,GAN Assurances,Groupama Insurance Co. Ltd.,Groupama Transport,Groupama Banque,GAN Eurocourtage,Groupama GAN Vie
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