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S&P affirms Cattolica’s rating at BBB and positively revises the outlook to stable. The rating on both bond issues has also been upgraded to BB+

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  • S&P affirms Cattolica’s rating at BBB and positively revises the outlook to stable. The rating on both bond issues has also been upgraded to BB+
S&P affirms Cattolica’s rating at BBB and positively revises the outlook to stable. The rating on both bond issues has also been upgraded to BB+
26 October 2020 - Time: 17:59

Verona, 26 October 2020. Today Standard & Poor’s affirmed its BBB rating on Cattolica, but upgraded the outlook, as set out under S&P’s criteria, to reflect that affirmed on the Italian sovereign debt, revised from negative to stable on 23 October 2020.

S&P also upgraded, from BB to BB+, the rating of both Cattolica’s listed bond issues, as the strengthening of the Group’s Solvency II ratio and the capital increase reserved to Generali significantly lowered the risk of interest deferral.

Cattolica’s stand-alone credit profile (SACP) is affirmed at bbb+, one notch higher than its financial strength rating at BBB. Although the capital increase strengthened Cattolica’s financial risk profile to “satisfactory”, Standard and Poor’s keeps the rating unchanged especially given the heightened market and economic uncertainty.