S&P maintains negative watch on Groupama S.A.

A view of the Eiffel Tower in Paris France

S&P also said that it aimed to issue a further update by the end of March after Groupama publishes its 2011 results and to resolve this CreditWatch placement within the next three months.

The rating agency also stated that it understood the French insurer would cover its regulatory solvency margin by the end of 2011 without recognition of the planned entrance of Caisse des Dépôts et Consignations into subsidiary GAN Eurocourtage's capital via a minority stake - a deal to create a new real estate

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