Paris, 25th November 2008
Standard & Poor’s affirms the rating of CNP Assurances
Standard & Poor’s affirmed today the AA rating on CNP Assurances. This assessment is based on the Group’s very strong competitive position and very strong long term financial flexibility.
The outlook was changed by the rating agency from stable to negative, due mainly to the effect of the fall in the level of the capital markets on the Group’s economic capital.
CNP Assurances would like to reiterate, in this context, the stability in its solvency margin (Solvency I) based on the core calculation incorporating just equity and subordinated debt. Calculated on this basis, the solvency margin was 117% as at 31 December 2007 and 120% as at 30 June 2008.