S&P downgrades Groupama to BB junk status
Standard and Poor’s (S&P) has downgraded Groupama S.A. to BB status from BBB- citing insignificant capital adequacy as being behind the move.
The ratings agency said that the French insurer and its guaranteed subsidiaries were moved to the rating, a junk status, after it had reassessed the business and financial profiles in light of management's recent actions to improve capital adequacy.
S&P commented that though the measures undertaken by the management were positive, in its view they were unlikely to restore Groupama's capital adequacy to levels supportive of an investment-grade rating over the coming year.
It added that the
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