Groupama downgraded after non-payment of coupon
Groupama Group has been downgraded by Standard and Poor's following the French insurer's statement on Friday that it will not pay the next coupon on 22 October on junior subordinated notes issued in 2007.
These notes contain optional payment features that allow the group to cancel coupon payments when Groupama's solvency margin is above 100%.
S&P yesterday lowered its issue rating on the insurer's 2007
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