S&P rates Assicurazioni Generali notes BBB+

Standard & Poor's said it assigned a BBB+ long-term issue rating to the 30-year subordinated notes of Assicurazioni Generali SpA.

The notes are on CreditWatch negative, reflecting the CreditWatch status of the issuer's counterparty credit ratings, S&P said.

The rating incorporates the methodology for subordinated debt issues, which is to rate the notes two notches below the long-term counterparty credit rating on the company, the agency said.

The rating is based on an understanding that the holders of the notes will be subordinated to the company's senior creditors, S&P said, and that the company has the option of deferring interest.

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