Moody’s rates GACM tier 2 notes Baa1

Moody's Investors Service said it assigned A1 insurance financial strength ratings to ACM VIE SA and ACM IARD SA, the main operating subsidiaries of Groupe des Assurances du Credit Mutuel (GACM).

Concurrently, Moody's said it assigned a provisional rating of Baa1(hyb) to the dated subordinated tier 2 notes to be issued by GACM.

Outlooks on all entities are stable.

GACM is the holding company for the insurance activities of most of French mutualist bancassurance group Credit Mutuel's regional federations, including those which form Credit Mutuel Alliance Federale. As a reminder, Banque Federative du Credit Mutuel (deposits Aa3 stable, Baseline Credit Assessment a3) is one of the main rated entities of Credit Mutuel Alliance Federale.

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