Moody’s assigns Unipol bond Ba2

Moody’s Investors Service said it assigned a Ba2 rating to the €750 million of senior unsecured notes due 2030 to be issued by Unipol Gruppo SpA.

“The Ba2 rating of the debt reflects the ranking of the debt (senior) and the structural subordination of the holding company Unipol Gruppo SpA vis-à-vis its main operating company UnipolSai Assicurazioni SpA (rated Baa3 for insurance financial strength, stable outlook). The Ba2 rating is in line with Moody’s standard notching practices for this type of instruments issued by holding companies subject to group-wide regulation such as the solvency II regime,” Moody’s said in a press release.

The proceeds will be used, in part, be used to finance the proposed buyback of €317 million of senior notes. The notes will also qualify as green bonds. Under Unipol’s framework, the group will, before the maturity of the bond, invest an amount equivalent to the nominal of the bond into green assets, including €326 million assets already on the balance sheet of the group as of year-end 2018, the agency said.

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