S&P rates Credit Agricole notes BBB-

Standard & Poor’s said it assigned a BBB- long-term issue rating to the proposed perpetual subordinated resettable notes to be issued by Credit Agricole Assurances.

Credit Agricole is a non-operating holding company that consolidates two French insurers, Predica Assurance Vie and Pacifica IARD, which are considered core to the Credit Agricole SA group.

Owing to its status as a non-operating holding company, the agency said it rates Credit Agricole Assurances one notch below its direct parent, Credit Agricole.

The notes are rated three notches below the long-term counterparty credit rating on Credit Agricole Assurances, reflecting the methodology for rating insurance hybrid-debt issues, S&P said.

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