S&P's affirms Cattolica's rating at BBB, outlook stable, after the announcement of the agreement with Banco BPM
S&P’s affirms Cattolica’s rating at BBB, outlook stable, after the announcement of the agreement with Banco BPM
Verona, November 15th, 2017
Today Standard & Poor’s has affirmed Cattolica’s rating at BBB after the Group’s announcement of an agreement with Banco BPM for a long term strategic bancassurance partnership in life and non-life. Outlook is affirmed stable. According to Standard & Poor’s, the agreement with Banco BPM will strengthen the competitive position of the Group and its growth opportunities both in life and P&C business, by providing access to an alternative and widespread distribution channel and by offering scope for significant economies of scale. Cattolica’s stand-alone credit profile (SACP) remains unchanged at bbb+, one notch higher than Italy’s rating, already considering the effects of the deal on the capital adequacy of the Group. The Group financial flexibility remains unchanged.