Fitch ups BPCE senior preferred to AA-

Fitch Ratings said it upgraded the senior preferred debt of Groupe BPCE's main issuing entities, including BCPE SA, to AA from A+, one notch above their respective issuer default ratings of A+.

“The upgrade reflects our expectation that GBPCE's buffers of subordinated and senior non-preferred debt will sustainably exceed 10% of risk-weighted assets (RWAs) in the next 18 months,” Fitch said in a press release.

The outlook is negative.

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