Fitch gives Intesa Sanpaolo IFSR BBB+

Fitch Ratings said it assigned Intesa Sanpaolo Vita an insurer financial strength rating of BBB+ and affirmed the long-term issuer default rating at BBB+.

The outlooks are stable.

The agency also affirmed Intesa Sanpaolo’s dated subordinated notes and perpetual subordinated at BBB and BBB-, respectively.

Fitch said the insurer financial strength rating is constrained by the rating of Italy (BBB+/stable). Intesa Sanpaolo’s operations are concentrated in Italy and there is high concentration risk in its investments as Intesa Sanpaolo holds a large amount of Italian sovereign debt (€49 billion at group level at end-2014 or around 10 times consolidated shareholders' funds).

The ratings also reflect the company's strong franchise in Italy, solid net profitability, adequate capital and moderate financial leverage.

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