Groupama could be headed for junk bond rating
Groupama SA has suffered further bad news on its credit rating status with Standard & Poor’s warning it could lower the group to junk bond status.
The credit rating agency said it believed the French insurer's financial profile may be weakening and had placed it on a negative watch.
Standard & Poor's added that it expected to issue a further update next week and may lower Groupama's issuer ratings by up to two notches to BB+.
A spokesperson confirmed to Insurance Age this would place the insurer at a technical junk bond level.
In a statement Standard & Poor's confirmed: "In particular, we expect the 50% impairment on all of Groupama's
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