• +353-1-416-8900(GMT OFFICE HOURS)
  • 1-800-526-8630(US/CAN TOLL FREE)
  • 1-917-300-0470(EST OFFICE HOURS)
Italian Insurer Unipol 'BBB+' Ratings Kept On Watch Negative On Merger Plans With Fondiaria-SAI Feb 12 Product Image

Italian Insurer Unipol 'BBB+' Ratings Kept On Watch Negative On Merger Plans With Fondiaria-SAI Feb 12

  • Published: February 2012
  • Region: Italy
  • Standard & Poors

FEATURED COMPANIES

  • Unipol Assicurazioni SpA
  • MORE

Abstract
On Jan. 29, 2012, Italian insurer Unipol Gruppo Finanziario SpA (UGF) announced it had agreed to fully underwrite a €400 million rights issue announced on the same date by Premafin HP (Premafin), the parent of Italian insurer Fondiaria-SAI SpA (Fondiaria-SAI). We understand UGF aims to merge its core operating subsidiary Unipol Assicurazioni SpA (Unipol) with Premafin and Fondiaria-SAI and its "core" subsidiary Milano Assicurazioni SpA. We are maintaining our 'BBB+' long-term ratings on Unipol and our 'BBB-' long-term rating on UGF on CreditWatch negative. The CreditWatch takes into account our view of the uncertainties surrounding the possible deal's funding and implementation, and the potential ensuing deterioration of Unipol group's financial profile owing to Fondiaria-SAI group's weaker profile. NEW YORK (Standard...

Companies mentioned in this report are:
- Unipol Assicurazioni SpA
- Unipol Gruppo Finanziario SpA

Action: CreditWatch Update

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. READ MORE >

- Unipol Assicurazioni SpA
- Unipol Gruppo Finanziario SpA

Note: Product cover images may vary from those shown

RELATED PRODUCTS