S&P to upgrade Groupama UK's rating after Ageas deal

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The ratings agency said the move reflected its expectation that, when Ageas UK’s acquisition of Groupama UK has officially completed, the ratings on Groupama UK will no longer be constrained by those on Groupama SA., which currently stand at BB/negative/--.

It expects to raise the ratings to BBB when the deal is finalised, which is believed to occur in the final quarter of 2012.

S&P added: “The ratings on Groupama UK reflect our view of its good stand-alone credit characteristics. These include

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