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23 May 2013

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Groupama downgraded by S&P after missing coupon payment

9 October 2012

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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