A.M. Best Assigns Rating to Subordinated Securities Issued by Groupama S.A

Business Wire, Oct 23, 2007

OLDWICK, N.J. -- A.M. Best Co. has assigned a debt rating of "bbb" to the EUR 1 billion deeply subordinated securities (Titres Super Subordonnes) issued by Groupama S.A. (France).

The proceeds of this issue will be used for general corporate purposes. The notes are callable on and after October 22, 2017, bear an initial interest rate of 6.298% and are payable annually in arrears. Following the call date, the notes will have interest rate resets at 100 basis points above EURIBOR three months and are payable quarterly in arrears.

Financial and debt leverage ratios remain within A.M. Best tolerance levels. A.M. Best has given full credit to the proceeds, as Groupama S.A.'s level of subordinated debt remains within the limit of 20% of the risk-adjusted capitalisation.

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.