S&P cuts four Italian insurers

Standard & Poor's said it lowered its long-term counterparty credit and insurer financial strength ratings on four Italian insurers, as follows: Assicurazioni Generali SpA and its core subsidiaries to BBB+ from A-; Allianz SpA to A- from A; and UnipolSai and Societa Cattolica di Assicurazione SpA to BBB- from BBB.

At the same time, the agency affirmed its BBB- counterparty credit and insurer financial strength ratings on SIAT - Societa Italiana Assicurazione e Riassicurazione SpA.

All outlooks are stable.

The agency downgraded by one notch the four Italy-based insurers that we rated either higher than or at the same level as the Republic of Italy. The sovereign downgrade has no direct effect on the BBB- ratings on SIAT.

S&P said the downgrades reflect its view that the exposure of Italy-based insurers to Italian investments is material compared to their total general accounts investments and compared to their regulatory capital.

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