Moody's rates Assicurazioni Generali notes Baa3(hyb)

Moody's Investors Service said it assigned a Baa3(hyb) rating to the €500 million fixed-rate senior dated subordinated tier 2 notes due 2029 to be issued by Assicurazioni Generali SpA under its €15 billion euro medium-term notes program.

The Baa3(hyb) rating is two notches lower than Assicurazioni Generali's Baa1 insurance financial strength rating, reflecting the company's dual role as both a holding company and an internal reinsurer for the Generali group, Moody's said.

The ratings also consider its reliance on subsidiary dividends, as opposed to its own generated reinsurance cash flows, the agency said.

But the dividends are geographically diversified and originated outside of Italy, Moody's noted.

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