Credit rating agencies have recently confirmed both CNP Assurances financial strength ratings and its subordinated notes ratings.

Moody’s assigns to CNP Assurances its A1 financial strength rating (stable outlook). As previously, this rating does not include any specific uplift linked to CNP Assurances shareholding structure. In its analyzes published on 3 September 2018 and 4 October 2018, Moody’s highlights that the “new distribution agreement with Brazil's Caixa Economica Federal is credit positive” and that the “expected change in shareholding structure has no credit impact. CDC and the government of France would remain key indirect shareholders in CNP, allowing it to retain its strong financial flexibility. We do not currently factor shareholder support considerations into CNP’s ratings, and do not plan to change our approach once the new structure takes effect”.