France-Based Groupama S.A. Ratings Kept On Watch Negative Despite Coverage Of Regulatory Solvency Margin For 2011 Mar 12

Standard & Poors, March 2012

Abstract
We understand that French insurer Groupama will cover its regulatory solvency margin by year-end 2011 without recognition of CDC's planned entrance into subsidiary GAN Eurocourtage's capital. We are nevertheless maintaining our 'BBB-' ratings on Groupama S.A. and its guaranteed subsidiaries on CreditWatch negative. We are also maintaining our 'BB' ratings on Groupama's hybrid capital issues on CreditWatch negative. We are also maintaining our 'BB+' ratings on Groupama GAN Vie and our 'BBB-/A-3' ratings on Groupama Banque on CreditWatch negative. The CreditWatch placement continues to reflect our view of the execution risks associated with management's plan to rebuild regulatory solvency. PARIS (Standard & Poor's) March 5, 2012--Standard & Poor's Ratings Services said today that it has maintained its 'BBB-' long-term counterparty...

Companies mentioned in this report are: Groupama S.A.,GAN Assurances,Groupama Insurance Co. Ltd.,Groupama Banque,GAN Eurocourtage,Groupama GAN Vie
Action: CreditWatch Update

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.

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.

Groupama S.A.,GAN Assurances,Groupama Insurance Co. Ltd.,Groupama Banque,GAN Eurocourtage,Groupama GAN Vie

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