Fitch raises Societe Generale preferreds

Fitch Ratings said it affirmed Societe Generale's long-term issuer default rating at A, short-term issuer default rating at F1 and viability rating at a.

The outlook is stable.

At the same time, the agency upgraded the senior unsecured long-term preferred debt to A+ from A and derivative counterparty rating to A+(dcr) from A(dcr). It also assigned deposit ratings of A+/F1.

“The upgrade reflects Fitch's view that the bank's qualifying junior debt buffer (QJD) and senior non-preferred debt now is sufficient to protect senior preferred creditors, which include derivative counterparties and depositors, from default in case of failure,” Fitch said in a news release.

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