Fondiaria Sai: Fitch revises the P.I. rating to BB- from BB+

Within an overall review of the Italian and Spanish stock markets Fitch Ratings yesterday revised the P.I. rating of Fondiaria-SAI S.p.A. and its principal subsidiary Milano Assicurazioni S.p.A. from BB+ to BB-, with a negative outlook.

Fitch lowered the rating in consideration of Italian sovereign debt uncertainties and the consequent weakening of the Group's capital levels.

However the agency noted the continued improvement of the Non-Life sector technical performance and reported that the rating may be upgraded on the improvement and stabilisation of the sovereign debt situation.