S&P changes view on Societe Generale units

S&P said it affirmed its A/A-1 long- and short-term issuer credit ratings on Societe Generale and its core banking entities.

The agency also said it affirmed the A+/A-1 long- and short-term resolution counterparty ratings on the group entities operating in countries where there is an effective resolution regime and that would be part of a bank resolution strategy.

S&P revised to positive from stable the outlooks on all the entities notched from the supported group credit profile.

The agency affirmed all the issue-level ratings on the subordinated and hybrid capital instruments issued by group members.

“The outlook revision primarily reflects our expectation that SG will continue to build a sizable buffer of total loss absorption capacity (TLAC) and minimum requirements for own funds and eligible liabilities (MREL) protecting senior creditors while strengthening the bank's intrinsic creditworthiness with a stand-alone credit profile (SACP) we expect to remain at a-,” the agency said in a news release.

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