Fitch rates BPCE notes A-

Fitch Ratings said it assigned BPCE SA's (A+/negative) contingent subordinated tier 2 notes an expected rating of A-.

The agency said the rating is two notches below Groupe BPCE's a+ viability rating, which is the baseline notching for this type of instrument.

“The two notches reflect loss severity, as we expect recovery prospects to be poor in case of failure of the bank,” Fitch said in a news release.

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