Generali, Fitch alza giudizio su obbligazioni grazie ad azione management
26 Agosto 2015 - 9:31PM
Annunci Borsa (Testo)
26/08/2015 COMUNICATO STAMPA
Generali, Fitch alza giudizio su obbligazioni grazie ad azione
management
·
Confermato rating IFS del Gruppo a A-, outlook stabili, a seguito
rafforzamento patrimoniale e performance operativa
Trieste  L'agenzia di rating Fitch ha comunicato oggi di aver
rivisto al rialzo da BBB+ a A- il rating delle obbligazioni senior
di Generali; da BBB a BBB+ il rating dell'obbligazione subordinata
1 mld 4,125% e da BBB- a BBB il rating di tutte le altre
obbligazioni subordinate. L'agenzia, inoltre, ha confermato a A- il
rating IFS di Generali e delle sue società : Fitch ha spiegato che
ha rivisto al rialzo da A- ad A il rating IFS unconstrained, che
non considera le limitazioni legate al rating sovrano italiano, ma
l'applicazione di un sovereign constraint (che limita il rating ad
un massimo di un notch superiore a quello dell'Italia) vincola il
giudizio finale a A-. Gli outlook sono confermati stabili. Fitch ha
spiegato che il rating rispecchia il rafforzamento patrimoniale del
Gruppo, la prospettiva che la performance operativa continui ad
essere solida e che l'azione del management prosegua nel preservare
il capitale e ridurre la leva finanziaria. L'agenzia di rating
sottolinea, inoltre, che Generali ha un'elevata flessibilitÃ
finanziaria, come dimostrato, ad esempio, dalle attività di
pre-finanziamento portate avanti negli ultimi due anni. La
decisione di Fitch riflette anche la recente revisione dei criteri
relativi al notching per il settore assicurativo. In allegato il
comunicato stampa emesso da Fitch.
Media Relations T +39.040.671085 press@generali.com Investor
Relations T +39.040.671202 +39.040.671347 generali_ir@generali.com
www.generali.com
IL GRUPPO GENERALI Il Gruppo Generali è uno tra i maggiori
assicuratori globali con una raccolta premi complessiva superiore a
70 miliardi nel 2014. Con 78.000 collaboratori nel mondo al
servizio di 72 milioni di persone assicurate in oltre 60 Paesi, il
Gruppo occupa una posizione di leadership nei Paesi dell'Europa
Occidentale ed una presenza sempre più significativa nei mercati
dell'Europa Centro-orientale ed in quelli asiatici.
FITCH UPGRADES GENERALI'S IDR TO 'A-'; AFFIRMS IFS AT 'A-'; OUTLOOK
STABLE
Fitch Ratings-Frankfurt/London-26 August 2015: Fitch Ratings has
upgraded Assicurazioni Generali SpA's (Generali) Long-term Issuer
Default Rating (IDR) to 'A-' from 'BBB+' and affirmed the Insurer
Financial Strength (IFS) ratings for Generali and its core
subsidiaries at 'A-'. The Outlooks are Stable. Fitch has also
upgraded Generali's senior notes to 'A-' from 'BBB+', EUR1bn 4.125%
subordinated notes to 'BBB+' from 'BBB' and all other subordinated
notes to 'BBB' from 'BBB-'. A full list of rating actions is at the
end of this commentary. The ratings reflect Fitch's recently
updated notching criteria for the insurance sector, published on 14
July 2015. The updated notching criteria appear in Section VI of
the insurance master criteria report 'Insurance Rating
Methodology'. The upgrade of the IDR reflects the upgrade of the
unconstrained IFS as well as the change in the application of the
sovereign constraint, which now is applied as the last step in the
ratings process . No rating can exceed the sovereign constraint,
which Fitch has set at 'A-' for Generali, one notch higher than the
sovereign rating of Italy (BBB+). The unconstrained IFS rating of
Generali and its core subsidiaries is 'A', and its unconstrained
IDR is 'A-'. Both unconstrained ratings were upgraded by one notch.
KEY RATING DRIVERS The ratings reflect the improvement in
Generali's capital position and Fitch's expectations that
Generali's operations will remain strong and that management's
ongoing focus will be to preserve capital and reduce financial
leverage. Generali's Fitch Prism factor-based model (FBM) score
remained 'Strong' at end-2014, unchanged from end-2013. However,
the score is now very close to the 'Very Strong' level, reflecting
the improvement in Generali's capitalisation. Nonetheless, Fitch
believes that Generali's capital is vulnerable to stress due to its
substantial exposure to Italian sovereign debt and its high
investment leverage. Furthermore, Generali's significant levels of
goodwill and intangibles negatively affect the quality of its
capital. Generali's ratings are heavily influenced by the group's
exposure to Italian sovereign debt (EUR58bn or 2.5x consolidated
shareholders' funds at end-1H15). This represents a large
concentration risk and a potential source of volatility for capital
adequacy. The group's exposure to Italian sovereign debt, which is
to match domestic liabilities in Italy, is underlined by the
application of the sovereign constraint on its ratings. Generali's
Fitch-calculated financial leverage ratio (FLR) was high at 35% at
end-2014, unchanged from end-2013. However, the group has already
implemented measures to reduce financial debt. Fitch estimates that
by at end-1H15 the FLR had declined to 32%. Fixed-charge coverage
(FCC), including unrealised and realised gains and losses, was low
at 5.1x in 2014, up from 4.1x in 2013. Fitch expects FCC to improve
over time as the group deleverages and the new debt is expected to
have lower coupons than the existing outstanding notes. Fitch also
considers Generali has high financial flexibility, as demonstrated,
for example, by pre-funding activities carried out during the past
two years.
Operating performance has been strong over the past two years. The
positive trend continued in 1H15, with operating result up 11.3% to
EUR2.8bn, the best 1H result within the past eight years. Despite
Generali's efforts to grow its non-life business, its earnings
remain highly dependent on life insurance and investment markets.
As the group is reducing its strategic equity holdings, Fitch
believes its earnings will be more resilient to equity market
volatility in 2015 and beyond. RATING SENSITIVITIES An upgrade of
Generali's ratings is unlikely in the medium term given the group's
large exposure to Italian government debt. However, an upgrade
could occur if Italy's rating were upgraded to the 'A' category,
while at the same time Generali's FLR, as calculated by Fitch,
falls to below 30% and its Prism FBM score reaches 'Very Strong'.
Generali's ratings could be downgraded if its Prism FBM score were
to fall below 'Strong' for a prolonged period or its FLR rises to
more than 35%. Generali's ratings are also likely to be downgraded
if Italy is downgraded. The rating actions are as follows:
Assicurazioni Generali SpA: IDR upgraded to 'A-' from 'BBB+'; IFS
affirmed at 'A-'; Outlook Stable Generali Iard: IFS affirmed at
'A-'; Outlook Stable Generali Vie: IFS affirmed at 'A-'; Outlook
Stable Generali Deutschland Holding AG: IFS affirmed at 'A-';
Outlook Stable Generali Deutschland Pensionskasse AG: IFS affirmed
at 'A-'; Outlook Stable Cosmos Versicherung AG: IFS affirmed at
'A-'; Outlook Stable Cosmos Lebensversicherungs-AG: IFS affirmed at
'A-'; Outlook Stable AachenMuenchener Lebensversicherung AG: IFS
affirmed at 'A-'; Outlook Stable Generali Lebensversicherung AG:
IFS affirmed at 'A-'; Outlook Stable AachenMuenchener Versicherung
AG: IFS affirmed at 'A-'; Outlook Stable Generali Versicherung AG:
IFS affirmed at 'A-'; Outlook Stable Central Krankenversicherung
AG: IFS affirmed at 'A-'; Outlook Stable Generali Espana, S.A. de
Seguros Y Reaseguros: IFS affirmed at 'A-'; Outlook Stable Generali
Versicherung AG (Austria): IFS affirmed at 'A-'; Outlook Stable
Envivas Krankenversicherung AG: IFS affirmed at 'A-'; Outlook
Stable Advocard Rechtsschutzversicherung AG: IFS affirmed at 'A-';
Outlook Stable Dialog Lebensversicherungs-AG: IFS affirmed at 'A-';
Outlook Stable Generali (Schweiz) Holding AG: IDR upgraded to 'BBB'
from 'BBB-'; Outlook Stable Generali's debt ratings are as follows:
Assicurazioni Generali SpA Senior unsecured debt upgraded to 'A-'
from 'BBB+' EUR1bn 4.125% subordinated note upgraded to 'BBB+' from
'BBB' Other subordinated debt upgraded to 'BBB' from 'BBB-'
Generali Finance BV (guaranteed by Assicurazioni Generali SpA)
Subordinated debt upgraded at 'BBB' from 'BBB-' Contact: Primary
Analyst Dr Stephan Kalb Senior Director +49 69 7680 76118 Fitch
Deutschland GmbH Neue Mainzer Str. 46-50
60311 Frankfurt am Main Secondary Analyst Harish Gohil Managing
Director +44 20 3530 1257 Committee Chairperson Chris Waterman
Managing Director +44 20 3530 1168 Media Relations: Elaine
elaine.bailey@fitchratings.com. Bailey, London, Tel: +44 203 530
1153, Email:
Additional information is available on www.fitchratings.com
Applicable Criteria Insurance Rating Methodology (pub. 14 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868367
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY
FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/
UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE
TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC
WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S
CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE
FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE
ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED
ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED
ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON
THE FITCH WEBSITE.
Grafico Azioni Generali (BIT:G)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Generali (BIT:G)
Storico
Da Apr 2023 a Apr 2024