S&P ups Fondiaria-SAI

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Fondiaria-SAI SpA and its core entity, Milano Assicurazioni SpA, to A- from BBB+.

The outlook is stable.

According to S&P, the upgrade takes into account Fondiaria-SAI's strengthened competitive position in life business, following the conclusion of a 10-year exclusive distribution agreement with Banco Popolare Societa Cooperativa SCRL (A/negative/A-1), with a consequent lowering of the group's concentration in property/casualty insurance, the maintenance of Fondiaria-SAI's strong capital adequacy and a continuous improvement of enterprise risk management.

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