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TEXT-S&P to assess credit impact on Groupama of coupon nonpayment

(The following statement was released by the rating agency)

Oct 05 - Following the announcement today that Groupama S.A. (BB/Negative/--) will not pay its next coupon, due Oct. 22, 2012, on its junior subordinated notes issued in 2007, Standard & Poor's Ratings Services believes this could possibly have a negative impact on the creditworthiness of Groupama. Standard & Poor's expects to publish a more detailed analysis and any impact on the 'B' issue ratings on Groupama's hybrid securities and on its long-term ratings as soon as permitted to do so under applicable EU law.

((Bangalore Ratings Team, Hotline: +91 80 4135 5898 Debanjali.Ghosh@thomsonreuters.com, Group id: BangaloreRatings@thomsonreuters.com, Reuters Messaging: Debanjali.Ghosh.reuters.com@reuters.net))