Moody’s reviews Unipol for upgrade

Moody's Investors Service said it placed Unipol Gruppo SpA's Ba1 senior unsecured debt, (P)Ba1 senior unsecured MTN program and Ba1 long-term issuer ratings on review for upgrade. Previously, the outlook was stable.

Unipol plans to implement a merger by incorporation of UnipolSai Assicurazioni SpA and other companies owned by Unipol.

“If Unipol's plan is fully implemented, the current holding company of the Unipol group will become an operating insurance company. Hence, the structural subordination currently existing between holders of bonds issued by Unipol and the policyholders of UnipolSai will diminish,” Moody’s said in a press release.

The company expects the merger to be completed by Dec. 31, subject to shareholder and regulatory approvals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.