S&P rates Credit Agricole notes BBB

S&P said it assigned its BBB issue rating to the planned dated subordinated tier 2 notes issued to be sold by Credit Agricole Assurances.

The agency rates the insurer A-. To rate the notes, S&P said it subtracts a notch for subordination to the issuer’s senior creditors and another for the risk of a mandatory and optional coupon deferral if there is a breach of solvency capital requirements or minimum capital requirements.

CAA said it plans to use the proceeds to buy back part of its two grandfathered tier 1 debt notes, a €750 million note issued in October 2014, and a €1 billion issued in January 2015.

The outlook is stable.

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