Ratings for Groupama Insurance have been placed on CreditWatch with negative implications, said Standard & Poor's (S&P).
It said the action followed the 12 January announcement from Groupama's parent company, France-based Groupama SA that it was terminating its guarantee on Groupama Insurance.
Standard & Poor's said the guarantee was a key support for Groupama Insurance's A insurer financial strength rating.
The guarantee will cover all of Groupama's liabilities until the end of February 2004, said S&P.
"The CreditWatch placement will be resolved after the termination date and after Standard & Poor's has conducted a full review of Groupama Insurance's stand-alone credit quality," said the ratings agency.
The future rating is unlikely to be higher than the BBB range, said S&P's credit analyst Emmanuelle Calès.
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