Boisseau dismisses Groupama Group rating downgrade
Francois-Xavier Boisseau, CEO of Groupama Insurances, has dismissed the recent rating downgrade to Groupama Group by Standard & Poor’s (S&P) as being of “no relevance” to the UK business.
The French insurer confirmed on 5 October that it will not be paying out, known as the coupon, on its debt note issued in 2007. The payment was due on 22 October.
Yesterday S&P said in light of this move it had downgraded the rating on these notes to CC from B and would lower it further once the payment was not delivered.
The credit rating agency also downgraded other group debt notes along with decreasing the financial strength ratings on Groupama and its guaranteed subsidiaries to BB- from BB
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