Groupama has suffered a ratings downgrade at the hands of Standard & Poor's despite the France-based insurer announcing a range of key strategic actions designed to halt the recent slide.
The ratings services firm has lowered its long-term counterparty credit and financial strength ratings on Groupama and its guaranteed subsidiaries to 'BBB-' from 'BBB'. At the same time, Standard & Poor's lowered its long-term ratings on Groupama GAN Vie to 'BB+' from 'BBB'. In addition, we lowered our issue ratings on Groupama's hybrid capital issues to 'BB' from 'BB+'. An S&P statement read: "The downgrade reflects our view that Groupama's capital adequacy and regulatory solvency are at weak levels amid highly adverse financial markets, in spite of key strategic actions that the co...
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