PARIS/LONDON, August 06 (Fitch) Fitch Ratings has affirmed Groupama S.A. and its core subsidiaries’ Insurer Financial Strength (IFS) ratings at ‘BBB’. Groupama S.A.’s Issuer Default Rating (IDR) has also been affirmed at ‘BBB-‘. The Outlooks on the IDR and IFS ratings are Positive. The subordinated debt instruments issued by Groupama S.A. have been affirmed at ‘BB’. KEY RATING DRIVERS Groupama SA’s ratings reflect its improving capital adequacy, manageable debt and significant business and risk diversification. The ratings also take into account Groupama’s solid business position, with a strong franchise in France in particular, and recovering profitability. The group returned to profit in 2013 and 1H14, reflecting the limited impact of exceptional charges and improving underlying operating performance. Both French and international operations contributed to profit recovery.
The ratings actions are as follows: Groupama S.A. IFS rating affirmed at ‘BBB’; Outlook Positive Long-term IDR affirmed at ‘BBB-‘; Outlook Positive Dated subordinated debt (ISIN FR0010815464) affirmed at ‘BB’ Undated subordinated debt (ISIN FR0010208751) affirmed at ‘BB’ Undated subordinated debt (ISIN FR0011896513) affirmed at ‘BB’ Undated deeply subordinated debt (ISIN FR0010533414) affirmed at ‘BB’ Groupama GAN Vie IFS rating affirmed at ‘BBB’; Outlook Positive GAN Assurances IFS rating affirmed at ‘BBB’; Outlook Positive Contact: Primary Analyst Marc-Philippe Juilliard Senior Director +33 1 44 29 91 37 Fitch France S.A.S. 60, rue de Monceau 75008 Paris Secondary Analyst Amelie Hibos Analyst +33 1 44 29 91 78 Committee Chairperson Federico Faccio Senior Director +44 20 3530 13 94.
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