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Bulletin: Rating Unaffected On UGF 5.66% Subordinated Callable Notes Due 2023 Upon Change In Issuer To UGF Assicurazioni SpA
Standard & Poors, Dec 2009
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
MILAN (Standard & Poor's) Dec. 29, 2009--Standard & Poor's Ratings Services said today that there is no change to its 'BBB' rating on the -300 million 5.66% subordinated callable notes due 2023 originally issued by Italian insurance holding company Unipol Gruppo Finanziario SpA (UGF; BBB/Stable/--) on July 28, 2003. UGF's operating company, UGF Assicurazioni SpA (insurer financial strength rating A-/Stable), has now replaced UGF as issuer of the notes. The notes become a liability of UGF Assicurazioni SpA. Its subordinated guarantees on the notes cease to be effective and instead UGF will act as guarantor. The change allows a strengthening of UGF Assicurazioni's capital structure and also reflects Italian regulation issued in 2008 that does not allow an insurance company...
Companies mentioned in this report are: UGF Assicurazioni SpA,Unipol Gruppo Finanziario SpA
Action: Bulletin
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