Fitch assigns Intesa Sanpaolo BBB+

Fitch Ratings said it assigned Intesa Sanpaolo Vita an issuer default rating of BBB+ with a negative outlook.

Fitch said the rating reflects the company's strong franchise in Italy, solid albeit volatile profitability, adequate capital and low financial leverage.

Offsetting this, Intesa Sanpaolo's operations are concentrated in Italy and its performance is therefore affected by Italy's adverse macroeconomic environment, which negatively affects investment performance and demand for insurance products, the agency said.

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