S&P rates Credit Agricole notes BBB

S&P said it assigned its BBB issue rating to Credit Agricole Assurances’ proposed dated subordinated tier 2 notes. The notes will receive no equity content.

“The rating reflects our standard approach for subordinated debt issues, which is to rate them two notches below the long-term issuer credit rating (ICR). Our ICR on Credit Agricole Assurances is A-,” S&P said in a press release.

The agency said it expects the company to use the proceeds for general corporate purposes and capital management, and therefore believe the issuance will have no material effect on Credit Agricole Assurances’ capital adequacy and financial flexibility metrics.

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