Fitch rates Generali green bond BBB

Fitch Ratings said it assigned Assicurazioni Generali SpA's €500 million of subordinated tier 2 green bond due 2033 a BBB rating.

“The notes are rated two notches below Generali's A- issuer default rating (IDR) 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 agency said in a press release.

Generali will use the notes to refinance senior unsecured notes due in September 2024.

The outlook is positive.

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