Fitch: Assicurazioni Generali notes BBB

Fitch Ratings said it assigned a rating of BBB to Assicurazioni Generali SpA’s €850 million issue of subordinated notes.

The notes are rated two notches below the company’s long-term issuer default rating of A- to reflect their subordination and loss-absorption features, Fitch said.

The proceeds of the tier 2 subordinated notes will be used to call the balance of Generali’s outstanding €869 million tier 1 bonds callable in 2017.

The new securities have been issued with a coupon of 5% and a 32-year maturity, callable after a period of 12 years, the agency said.

The ratings are subject to the same sensitivities that may affect the company’s long-term issuer default rating, Fitch said.

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