Groupama loses crucial A- rating on sovereign debt fears
French mutual insurance group Groupama's insurer financial strength rating has been downgraded from A- to BBB+ by Standard & Poor's (S&P) because of its "material exposure to Greek government bonds".
A rating below A- is generally considered a handicap to an international (re)insurer, although its effect is most acute for those with exposure to the US market, where downgrade clauses are a common feature in (re)insurance wordings.
On 9 May S&P lowered Greece's sovereign rating to B from BB to...
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