Fitch upgrades Groupama

Fitch Ratings said it upgraded Groupama SA’s insurer financial strength ratings to BBB+ from BBB, along with its issuer default rating to BBB from BBB-.

The agency also said it upgraded the company’s subordinated debt instruments to BB+ from BB.

The outlook is stable.

The upgrades reflect Groupama’s sustained operating profitability, strengthened regulatory capital position and reduced financial-leverage ratio, Fitch said.

The ratings also consider a view of the insurer’s strong capitalization, solid business position and risk diversification, the agency said.

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