S&P Global Ratings revised the outlook on French insurance broker Siaci Saint Honoré SAS to negative from stable and affirmed the B- issuer credit rating.

The outlook revision reflects the agency's expectation of less-than-adequate liquidity at Siaci Saint Honore, with minimal positive free operating cash flow over the coming 12 months due to a higher cost base than anticipated and the reorganization initiatives that are expected to continue in 2020.

This S&P Global Market Intelligence news article contains information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.