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.
Source: Groupe BPCE website