S&P affirms Cattolica’s rating at BBB

S&P affirms Cattolica’s rating at BBB
10 June 2020 - Time: 17:51

The outlook is also confirmed

The rating of the two listed bond issues downgraded by one notch (to BB) 

Verona, 10 June 2020. Today Standard & Poor’s has affirmed Cattolica’s rating at BBB with a negative outlook. The Agency has affirmed the rating at BBB as the Group’s financial strength and operating performance remain unchanged despite the COVID-19 pandemic and short-term SII volatility, thanks to its strong technical performance.

Cattolica’s Assessment before sovereign risk is affirmed at bbb+, one notch higher than its financial strength rating at BBB, which is still constrained by that of Italy, as set out under S&P’s criteria.

The outlook is affirmed negative and it reflects the outlook of the Italian sovereign debt.

The Agency, on the other hand, has downgraded from BB+ to BB the rating of both listed bonds issued by the Cattolica Group following the weakening of the Group's Solvency II ratio determined by the current situation of the financial markets generated by the crisis linked to the COVID-19 pandemic, while considering "remote" the hypothesis of the deferral of the coupon.