TEXT-S&P lowers Groupama 2007 Jr sub nts rtg to 'C';off watch neg
(The following statement was released by the rating agency)
Oct 24 -
-- French insurer Groupama S.A. has elected not to pay the coupon due on Oct. 22, 2012, on its junior subordinated notes issued in 2007, as permitted under the terms and conditions of the notes.
-- We are therefore lowering our issue rating on these notes to 'C' from 'CC', in accordance with our criteria, and as we previously announced on Oct. 9, 2012.
-- We are removing the issue rating from CreditWatch negative, where we placed it on Oct. 9, 2012.
Standard & Poor's Ratings Services today said it lowered its issue rating on the junior subordinated notes issued by French insurer Groupama S.A. (BB-/Watch Neg/--) to 'C' from 'CC'. At the same time, we removed the issue rating from CreditWatch with negative implications, where we placed it on Oct. 9, 2012.
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