Groupama clings on to investment grade status as Aviva is monitored
Groupama SA has suffered a further downgrade to its credit rating as Standard & Poor’s (S&P) lowered the insurer’s status from BBB to BBB-, the final grade before junk bond status.
The ratings agency said it believed the France-based insurer's capital adequacy and regulatory solvency were at weak levels amid continuing highly adverse capital markets and in spite of the company's announced key strategic actions.
S&P acknowledged that the new management were taking steps to address the issues, such as the recent sale of its stake in real estate company Silic and €300m (£251.9m) investment from Caisse des Dépôts et Consignations.
However it also confirmed it was maintaining a
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