Fitch Ratings has today assigned Assicurazioni Generali SpA’s (Generali) EUR1,750m 5,125% senior unsecured notes an ‘A+’ rating.
The notes will be issued by Generali under a EUR4bn Euro Medium Term Note (EMTN) programme renewed in April 2009. The proceeds will be used to refinance existing senior debt of EUR1,750m maturing on 20 July 2010. The tenor of the issue is 15 years.
Fitch estimates that financial debt leverage for Generali will rise slightly in the near term, but this impact will reverse out when the July 2010 senior debt matures.
Overall, Fitch regards the issue in a positive light, as it will remove the 2010 refinancing risk. Generali is rated Insurer Financial Strength ‘AA-‘ and has an Issuer Default Rating (IDR) of ‘A+’ with a Negative Outlook.
