Moody’s upgrades Unipol Group ratings: UnipolSai at Baa2
The credit rating agency Moody’s Investor Service has upgraded the Insurance Financial Strength Rating of UnipolSai Assicurazioni S.p.A. to “Baa2” from “Baa3” one notch above Italy’s rating (Baa3/Stable Outlook). Consequently, the Long-Term Issuer Rating of Unipol Gruppo S.p.A. was upgraded to “Ba1” from “Ba2”. The Group's debt ratings have also been upgraded as follows:
- Unipol Group S.p.A. senior debts received a one notch upgrade and are now at "Ba1";
- UnipolSai Assicurazioni S.p.A. subordinated debts received a one notch upgrade and are now at "Ba1";
- UnipolSai Assicurazioni S.p.A. perpetual RT1 debt received a two notch upgrade and is now at "Ba2(hyb)".
In its assessment, Moody's Committee acknowledged the Group's improved credit profile and increased resilience to potential stress scenarios, particularly with reference to Italian government bonds. The agency also recognized the validity of the strategy, the Group’s very strong market position and distribution capacity, and improved financial profile, particularly as concerns profitability and capital adequacy with a solvency ratio that is less sensitive to market variations. The rating agency outlook of the ratings remains “stable”.
Read the full press release.