S&P confirms Cattolica's rating after the acquisition of Fata
Verona, November 28th 2013
Today Standard & Poor’s has confirmed Cattolica’s rating at BBB after the announcement of the Group’s acquisition of Fata Assicurazioni on November 20th 2013.
The acquisition will have a marginal impact on Cattolica’s capital adequacy, also thanks to the subordinated debt instruments the Company will issue. According to Standard & Poor’s, this acquisition consolidates the strong competitive position of the Group, adding about 400 mn € premiums and increasing by one percentage point the Group’s market share in the P&C business. Standard & Poor’s considers as limited the risks of integration.
The outlook remains “negative” solely on the basis of the rating agency’s forecast on the uncertain and possibly unfavorable economic and financial trends of the Italian market, and it might be revised to “stable”, in connection to a positive review of Italy’s outlook over the next two years.