Research Update: French Insurer Groupama S.A. Ratings Downgraded To 'BBB' From 'BBB+'; Outlook Negative Sep 11
- Language: English
- Published: September 2011
- Region: France
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
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Groupama S.A.,GAN Assurances,Groupama Insurance Co. Ltd.,Groupama Transport,Groupama Banque,GAN Eurocourtage,Groupama GAN Vie