S&P Global Ratings announced the revision of CNP Assurances’ long-term issuer credit rating to « A » ; Outlook Stable from « A+ » ; Outlook Negative. The issue ratings on CNP Assurances’ debt were also lowered by one notch.
This revision follows action on the French government’s rating which has implications for La Poste Group, La Banque Postale and its subsidiary CNP Assurances.
S&P said: « The lower-rated parent La Poste constrains the rating on CNP Assurances and means its below its 'a+' stand-alone credit profile (SACP) (…). We expect very strong capital and earnings underpinned by a capital adequacy exceeding the highest 99.99% confidence level, as per our risk-based model. »
| S&P Global Ratings | To | From |
|---|---|---|
| Financial strength rating | A/Stable | A+/Négative |
| Tier 2 and Tier 3 Subordinated Notes rating | BBB+ | A- |
| Restricted Tier 1 Subordinated Notes rating | BBB | BBB+ |