Fitch rates Generali green bonds BBB

Fitch Ratings said it assigned Assicurazioni Generali SpA’s issue of €750 million of subordinated tier 2 green bonds a rating of BBB.

The notes are rated two notches below Generali’s A- issuer default rating mirroring 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 said.

The issue has been launched in the context of a buyback offer for subordinated notes with first call dates in 2022 for an amount up to €1 billion, Fitch said.

The notes have an 11-year bullet maturity with a coupon of 2.124%. The issue ranks junior to senior creditors and equally with senior subordinated securities.

The notes qualify as tier 2 regulatory capital.

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