Fitch upgrades Groupama

Fitch Ratings said it upgraded Groupama SA's and its core subsidiaries' insurer financial strength ratings to BBB from BBB-.

Groupam's issuer default rating was also upgraded to BBB- from BB+.

The outlooks were revised to positive from stable.

In addition, Fitch upgraded the subordinated debt instruments to BB from BB-.

Fitch sad the upgrades reflect the group's return to profit in its 2013 first half to €187 million, compared with a €87 million loss in the first half of 2012, mostly due to the absence of exceptional charges. Profit recovery was also due to a stronger contribution from the French business, while international insurance operations and banking activities generated stable positive net income.

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