We lowered our long-term ratings on Italy-based BancaSai Spa's (BancaSai) parent, Italian insurer Fondiaria-SAI SpA (Fondiaria-SAI), to 'B' from 'BB+' and placed them on CreditWatch developing earlier today. Consequently, we are lowering to 'B/C' from 'BB/B' the long- and short-term counterparty credit ratings on BancaSai, a wholly-owned subsidiary of Fondiaria-SAI. We are also placing the ratings on BancaSai on CreditWatch developing. The downgrade and CreditWatch action on BancaSai reflect those on Fondiaria-SAI and our view that its ability to provide ongoing funding and liquidity support to BancaSai has weakened. At the same time, we are withdrawing the counterparty credit ratings at BancaSai's request. On Dec. 29, 2011, Standard & Poor's Rating Services lowered to 'B/C' from 'BB/B' its long- and...
Companies mentioned in this report are: BancaSai SpA
Action: On CreditWatch:Developing
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