Credit rating agency S&P Global Ratings has raised its financial strength and subordinated notes ratings for CNP Assurances by one notch. 

In its press release published today, S&P Global Ratings gave the following statement: “We believe smooth integration with the immediate parent La Banque Postale, an increasingly capital-light product mix and closure of the bancassurance agreement in Brazil have reduced uncertainty around CNP's capital buffer at the 'AA' level.

Under the expected full ownership by La Banque Postale, we expect the Group will maintain its robust capital position at the 'AA' level as per S&P Global Ratings' capital adequacy requirements.” 

The following table shows CNP Assurances’ current ratings:  

Credit rating agencyS&P Global Ratings
Financial strength RatingA+
Tier 2 and Tier 3 Subordinated Notes RatingA-
Restricted Tier 1 Subordinated Notes RatingBBB+

"S&P Global Ratings raising the Group's rating to A+ with a stable outlook represents a solid acknowledgement of the Group's financial strength and robust business model," said Stéphane Dedeyan, Chief Executive Officer of CNP Assurances.

In a press release issued yesterday, credit rating agency Moody's had already stated that the change in ownership structure had no impact on CNP Assurances’ rating (currently A1): “The change in ownership has no immediate impact on CNP’s rating, but provides clarity on CNP's future role in La Banque Postale's bancassurance strategy."