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

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

  • Published: March 2012
  • Standard & Poors

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

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

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