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

Standard & Poors, February 2012

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. 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
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Unipol Assicurazioni SpA,Unipol Gruppo Finanziario SpA

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