U.K.-Based Groupama Insurance Co. 'BB' Ratings On Watch Positive On Announced Acquisition By Ageas (UK) Ltd. Oct 12
- Language: English
- Published: October 2012
- Region: Great Britain, United Kingdom
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: Outlook: Negative
Action: Removed From CreditWatch
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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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Groupama S.A.,GAN Assurances,Groupama Insurance Co. Ltd.,Groupama Transport,Groupama Banque,GAN Eurocourtage,Groupama GAN Vie