Research Update: Italy-Based Marine Insurer SIAT Ratings Lowered To 'BB+' And Placed On CreditWatch Negative After Same Action On Parent Nov 11

Standard & Poors, November 2011

Abstract
Earlier today, we lowered our ratings on Italian composite insurer Fondiaria-SAI SpA to 'BB+' and placed them on CreditWatch negative. Italy-based marine insurer SIAT - Societ- Italiana Assicurazioni e Riassicurazioni pA (SIAT) is a subsidiary of Fondiaria-SAI and we therefore cap our ratings on SIAT at the same level as those on its parent, in accordance with our group methodology. As a result, we are lowering our long-term ratings on SIAT to 'BB+' and placing them on CreditWatch negative. The CreditWatch placement reflects the fact that we would lower the ratings on SIAT should we downgrade its parent, Fondiaria-SAI. On Nov. 15, 2011, Standard & Poor's Ratings Services lowered its long-term counterparty credit and insurer financial strength ratings on Italy-based...

Companies mentioned in this report are: Societa Italiana Assicurazioni e Riassicurazioni pA,Fondiaria-SAI SpA,Milano Assicurazioni SpA
Action: Downgraded
Action: On CreditWatch:Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Societa Italiana Assicurazioni e Riassicurazioni pA,Fondiaria-SAI SpA,Milano Assicurazioni SpA

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