Rating

The current ratings and outlooks awarded to Assicurazioni Generali by the main rating agencies are illustrated below.

Rating agency(*)
Rating Outlook
A.M. Best
Negative
Standard & Poor's A- Negative
Fitch
Negative
Moody's Baa1 Negative

(*)Updated as of January 2013

In June 2012 Standard and Poor’s placed Generali on credit watch. In January 2013 the company was removed from credit watch and the Group’s rating was confirmed A (with negative outlook), thanks to factors such as its strong competitive position and solid operating performance, together with the management’s commitment aimed at strengthening the capital position. Attention is drawn to the fact that such rating is two notches higher than the one awarded to Italy’s sovereign debt.

Moody’s too lowered the rating of Generali from A1 to Baa1 in July 2012, following the downgrade of Italy’s sovereign debt. The negative outlook is in line with that of Italy.