Fitch rates Unipol Gruppo bond BB+

Fitch Ratings said it assigned Unipol Gruppo’s €500 million 3˝% 10-year senior unsecured bond a BB+ rating.

Fitch said the senior bond is rated one notch below Unipol's long-term issuer default rating of BBB-, which has a stable outlook, to reflect below-average recovery expectation, in line with the agency’s notching criteria. The bond constitutes a senior and unsecured obligation of the company.

The issue will increase Unipol Gruppo's financial leverage ratio and decrease the insurer's fixed charge coverage ratio. However, Fitch said it is its assessment that Unipol Gruppo's financial leverage and debt service capabilities will remain commensurate with the ratings.

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