Standard & Poor's (S&P) has downgraded French mutual insurer Groupama after it announced that it would not pay its next coupon on some of its junior subordinated debt.
The rating agency lowered its long-term counterparty credit and financial strength ratings on Groupama and its guaranteed subsidiaries from BB to BB-, while strategically important subsidiary Groupama GAN Vie had its rating cut from BB- to B+.
S&P also downgraded the issuer rating on the junior subordinated debt on Groupama's 2007 hybrids...
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