Moody’s rates Generali notes Ba1(hyb), Ba1

Moody's Investors Service said it assigned a Ba1(hyb) rating to the undated junior subordinated bonds issued by Generali Finance BV and guaranteed by Assicurazioni Generali SpA (Baa1 insurance financial strength rating, stable).

The agency also assigned a provisional Ba1 junior subordinated rating to Generali Finance and Assicurazioni Generali's euro medium-term note program.

Moody’s said the Ba1(hyb) rating of the bonds issued by Generali Finance is three notches below Assicurazioni Generali's insurance financial strength rating and reflects the combination of (a) the junior subordination of the bonds; (b) the optional and mandatory weak coupon deferral mechanisms; (c) the cumulative nature of deferred coupons, in case of deferral; (d) the temporary loss absorption features of the bond; (e) the variation and substitution language included in the documentation; and (f) the unconditional and irrevocable guarantee from Assicurazioni Generali.

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