Fitch rates Generali green bonds BBB

Fitch Ratings said it assigned Assicurazioni Generali SpA's €500 million of subordinated tier 2 green bonds a rating of BBB.

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

“The issue will marginally extend Generali's maturity profile and underlines Generali's strong financial flexibility,” Fitch said in a news release.

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