Fitch gives Generali bond BBB-

Fitch Ratings said it gave Assicurazioni Generali SpA's €500 million of 11-year subordinated tier 2 sustainability bonds a BBB- rating. The bonds have a fixed coupon of 1.713%.

“The notes are rated two notches below Generali's issuer default rating of BBB+ to reflect Fitch's 'below-average' recovery assumption (one notch) and 'moderate' assessment of non-performance risk (one notch), in line with Fitch's notching criteria,” the agency explained in a press release.

The proceeds will be used to finance or refinance eligible sustainability projects as per Generali's sustainability bond framework.

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