Research Update: Italian Insurer Fondiaria-SAI And Subs 'B' Ratings Kept On Watch Developing On Unipol Deal And Estimated Higher Losses Feb 12
- Language: English
- Published: February 2012
- Region: Italy
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
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.
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