Standard & Poor’s has revised its outlook on Italian marine insurer SIAT (Società Italiana Assicurazioni e Riassicurazioni) to negative from stable. The financial strength and counterparty credit ratings have been affirmed at ‘BBB-‘.
The rating action follows the same rating action we took earlier today on SIAT’s parent, Italian composite insurer Fondiaria-SAI SpA (see “Outlooks On Italy-Based Insurer Fondiaria-SAI And Core Subsidiary Milano Assicurazioni Revised To Negative From Stable,” published Sept. 23, 2011). Under our criteria, the ratings on SIAT, as a subsidiary of Fondiaria-SAI, are capped by those on its parent. Our assessment of SIAT’s stand-alone credit profile (SACP) remains unchanged at ‘bbb’.
The negative outlook reflects that on Fondiaria-SAI. According to our group methodology criteria, the ratings on SIAT are capped by those on its parent and will likely move in tandem.
Source : S&P
