Fitch rates Unipol Gruppo bond BB+

Fitch Ratings said it assigned Unipol Gruppo SpA's €50 million senior unsecured green bond a BB+ rating. The green bond has a 10-year maturity and carries a coupon of 3¼%.

Unipol is offering the bonds in the context of a proposed buyback offer for senior unsecured notes with maturity in March 2021 for an amount up to €317 million, the agency said.

“The senior green bond is rated one notch below Unipol's long-term issuer default rating (IDR) of BBB-', which has a stable outlook, to reflect Fitch's below-average recovery expectation, in line with Fitch's notching criteria. The bond constitutes a senior and unsecured obligation of the company. The notes will qualify as green bonds, in compliance with Unipol's green bond framework,” Fitch said in a press release.

The agency said it expects the notes and the tender, will increase Unipol's financial leverage ratio and lower its fixed-charge coverage ratio. However, Fitch said it sees Unipol's financial leverage and debt service capabilities remaining commensurate with the ratings.

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