...SG mainly operates in very stable and advanced economies, with high sovereign ratings, developed and transparent regulatory frameworks and deep financial markets such as France (AA/Stable), the largest contributor to revenue (46% in 2018), the UK (AA/Rating Watch Negative; 7%), the US (AAA/Stable; 5%) and Germany (AAA/Stable; 3%). Other foreign operations combine the strongly performing Czech Republic (AA-/Stable; 5% of re venue) and more volatile economies such as Romania (BBB-/Stable; 3%), Russia (BBB-/Positive; 3%), or Africa (6%). SG's emerging-market exposure, which Fitch Ratings estimates at about 15% of 2018 revenue and 10% of exposure at default at end-2018, does not negatively affect our assessment of the operating environment as it is offset by a significant level of geographical diversification and because of its contained size as a proportion of group activities. Fitch views France as a large, diversified and wealthy economy. French GDP growth was 1.7% in 2018 according to the...
