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Portafogli e Strategie (investimento)Investment Grade, entro le frontiere conosciute.
(5 lettori)
We consider that Société Générale (SG) is making rapid progress in the
execution of its medium-term financing plan, in particular the buildup of
a sizable buffer of bail-in-able debt (TLAC- and MREL-eligible
instruments), protecting senior creditors.
We are affirming our ratings on SG and its rated subsidiaries, and
revising the outlook to positive from stable on SG and those group
entities that are eligible for additional loss-absorbing capacity (ALAC)
uplift.
The positive outlook reflects our expectations that SG's loss-absorbing
buffer will reach 8% of risk-weighted assets (RWAs) by mid-2020 and that
the group will enhance profitability in line with 'A+' rated peers.
We don't expect a change in our stand-alone assessment on SG, hence our
issue-level ratings on hybrid debt are likely to be unchanged.