(Finance) – Fitch Ratings has assigned al Tier 2 subordinated green bond of 500 million euros generals a “BBB” rating. Bonds are rated two notches below Generali’s Issuer Default Rating (IDR) of “A-” to reflect Fitch’s “below average” recovery assumption (one notch) and default risk assessment “moderate” (one notch), in line with the rating agency’s criteria.
Fitch estimates that the leverage ratio of Generali (suitable for the new notes) will remain unchanged at the end of 4M23, following an imminent partial redemption of €500 million of its outstanding €1.5 billion subordinated perpetual bonds with an initial call date in November 2025.