The Moody's rating agency upgraded the Group's long-term credit rating one notch with a stable outlook
Moody's has upgraded the Group's financial rating from A2 to A1, outlook: stable.
In this way, the rating agency recognizes the constant improvement of the Group's financial fundamentals and, in particular, the strengthening of its capital adequacy. Groupe BPCE's Tier 1 common equity (CET1) ratio stood at 15.1% in March 2018, compared with 14.4% one year earlier, and is expected to reach the target of 15.5% before the end of the Group’s TEC 2020 strategic plan. The agency also highlights the successful diversification of the Group's revenue sources.
Nicolas Namias, the member of Groupe BPCE’s Management Board responsible for Finance, Strategy, Legal Affairs, and Secretary to the Supervisory Board, said the following: “This decision is a fine recognition of the actions we have undertaken in recent years, with the entire Group, and is excellent news against a background of more volatile financial markets and at the beginning of our TEC 2020 strategic plan.”
It should be remembered that the Standard & Poor's and Fitch rating agencies upgraded the Group's rating outlook in October and December last year.