Fitch Ratings have upgraded Generali’s Insurer Financial Strength (IFS) rating to ‘A’ from ‘A-’. The agency has also upgraded Generali’s Long-Term Issuer Default Rating (IDR) to ‘A-’ from ‘BBB+’. The outlooks are positive.
The upgrades follow the upgrade of Italy’s sovereign rating by Fitch to ‘BBB’ from ‘BBB-’.
The positive outlook reflects the group’s improved financial leverage and reduced Italian sovereign asset-concentration risk. Fitch expects Generali to continue to gradually reduce its exposure to Italian sovereign bonds in 2021-2022. The ratings also reflect Generali’s very strong capitalisation and business profile as well as strong and stable earnings.
Please find here the press release issued by Fitch