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S&P drops Groupama's rating to BB

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Standard & Poor's Ratings Services has lowered its long-term counterparty credit and financial strength ratings on France-based insurer Groupama SA and its guaranteed subsidiaries to 'BB' from 'BBB-'.

S&P has lowered the strategically important Groupama Gan Vie subsidiary to 'BB-' from 'BB+', and has also lowered the long- and short-term counterparty ratings on banking subsidiary Groupama Banque to

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