Standard & Poor’s upgraded Cattolica Assicurazioni’s rating from BBB to A- with a positive outlook
Verona, 11 November 2021. Today Standard & Poor’s upgraded Cattolica Assicurazioni’s rating from BBB to A- with a positive outlook. S&P has also upgraded the rating of Cattolica’s bond issues from BB+ to BBB.
The rating upgrade is a direct consequence of the result of the tender offer launched by Generali which allowed the latter to reach an ownership of 84.475% of Cattolica. S&P considers Cattolica to be of highly strategic importance to Generali and that the combined group would be resilient to a hypothetical default of Italian Government bonds.
The agency stated that they could upgrade Cattolica to 'A' within the next 24 months if there were news of Cattolica's swift integration into the Generali group.