Paris, 21 November 2007
Standard & Poor’s has affirmed CNP Assurances’ AA rating and does not expect the subprime crisis to have any impact on the Company’s financial strength
Standard & Poor’s has affirmed CNP Assurances’ AA rating, with a stable outlook, after a due diligence review primarily covering the Company’s financial strength and risk exposures.Standard & Poor’s stated that the rating reflects the Company’s strong competitive position, the quality of its assets, its robust asset-liability management practices, its solid shareholder base and the margin growth reported in 2006.
The rating agency also stated that it did not expect CNP Assurances to be affected by the subprime crisis.
In this regard, CNP Assurances confirms the information already disclosed about its exposure to US mortgages and asset-backed securities, updated as of 31 October 2007:
- CNP Assurances has no direct exposure to subprime mortgages.
- Its indirect exposure represents approximately €10 million, corresponding for the most part to assets held in participating contract portfolios (covered by the shadow accounting mechanism).
The Company’s total exposure to asset-backed securities at 31 October is €5.65 billion, representing less than 3% of assets, compared with €5.8 billion at 30 June. The total includes €2.59 billion in CDOs/CLOs, representing less than 2% of assets.