Fondiaria Sai: Fitch confirms BB- PP.I rating placement of negative creditwatch.

Corporate: Financial
Thursday, December 29, 2011

Fitch Ratings, following the Group announcement of December 23, confirmed the P.I. rating of Fondiaria-SAI S.p.A. and its principal subsidiary Milano Assicurazioni S.p.A. at BB-, placing also a Negative Creditwatch.

Fitch stated that Italian sovereign debt uncertainties and the level of stock market exposure leave the Group's capital levels open to volatility.

The Creditwatch will be removed on the completion of the announced Fondiaria-Sai capital increase.