PARIS, 23-Oct-2018 — /EuropaWire/ — Following a similar move by Moody’s this June, the rating agency Standard & Poor’s (S&P) announced a one-notch upgrade to its long-term credit rating on Groupe BPCE from A to A+, coupled with a stable outlook. This upgrade recognizes the Group’s financial solidity and the constant reinforcement of its solvency in recent years.
According to Standard & Poor’s, BPCE has demonstrated a continuous improvement in its capitalization over the past years, and this aspect is now seen as a rating strength. The rating agency considers that BPCE has successfully completed its transition toward a lower risk profile. The stable outlook reflects its expectations regarding the Group’s ability to maintain a solid balance sheet and achieve business development in line with its strategic plan.
“S&P’s rating upgrade testifies to the highly transparent nature of exchanges between Group BPCE and the rating agency. It recognizes both the Group’s intrinsic quality and S&P’s confidence in our ability to deliver on our strategic ambitions for the benefit of all our business lines and 31 million customers. From this perspective, the transformations initiated in recent months are set to further reinforce our financial solidity and strategic agility”, explains Nicolas Namias, Deputy Chief Executive Officer and Chief Financial Officer of Groupe BPCE.
Back in June, Moody’s also raised BPCE’s rating from A2 to A1, emphasizing the Group’s financial solidity and the successful diversification of its revenues. BPCE’s rating is also on positive outlook with Fitch.
À propos du Groupe BPCE
Groupe BPCE, the 2nd-largest banking group in France, includes two independent and complementary cooperative commercial banking networks: the network of 14 Banque Populaire banks and the network of 15 Caisses d’Epargne. It also works through Crédit Foncier in the area of real estate financing. It is a major player in Asset & Wealth management, Insurance, Corporate & Investment Banking and Specialized Financial Services with Natixis. Groupe BPCE, with its 106,500 employees, serves a total of 31 million customers and enjoys a strong local presence in France with 7,800 branches and 9 million cooperative shareholders.
The Group’s long-term senior preferred debt is rated by four financial rating agencies: Moody’s (A1, outlook stable), S&P (A+, outlook stable), Fitch (A, outlook positive) and R&I (A, outlook stable).
Contacts presse Groupe BPCE
Anne-Laure Declaye : 33 (0)1 58 40 61 79 / 33 (0)6 20 09 10 44
Lina Mestari : 33 (0)1 58 40 76 29 / 33 (0)7 63 79 31 00