A.M. Best Assigns Rating to Assicurazioni Generali S.p.A.’s Forthcoming New Senior Dated Subordinated Notes

  A.M. Best Assigns Rating to Assicurazioni Generali S.p.A.’s Forthcoming New
  Senior Dated Subordinated Notes

Business Wire

LONDON -- December 06, 2012

A.M. Best Europe – Rating Services Limited has assigned a debt rating of
“bbb+” to the EUR 1,250 million senior dated subordinated notes due 2042 and
callable 2022 to be issued by Assicurazioni Generali S.p.A. (Generali)
(Italy). The assigned outlook is negative.

The notes will be issued by Generali under the EUR 7 billion Euro Medium Term
Note (EMTN) that was renewed in April this year.

The notes will pay a fixed annual coupon of 7.75% until the call date in
December 2022, when the interest rate will convert to a floating rate based on
the three-month Euro Interbank Offered Rate plus a margin. The proceed of the
issue is intended to be used to strengthen the group’s capital position and to
support its future funding needs, while benefitting from improved market

Debt leverage ratios are expected to remain within A.M. Best’s tolerance
levels, and A.M. Best will continue to monitor the evolution of Generali’s
interest coverage ratio in the future.

The methodology used in determining these ratings is Best’s Credit Rating
Methodology, which provides a comprehensive explanation of A.M. Best’s rating
process and contains the different rating criteria employed in the rating
process. Key criteria utilised include “Insurance Holding Company and Debt
Ratings”. Best’s Credit Rating Methodology can be found at

In accordance with Regulation (EC) No. 1060/2009, the following is a link to
required disclosures: A.M. Best Europe - Rating Services Limited Supplementary

A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best
Company. Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more information,
visit www.ambest.com.

       Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.


A.M. Best Co.
Ghislain Le Cam, CFA, +(44) 20-7397-0268
Senior Financial Analyst
Mahesh Mistry, +(44) 20-7397-0325
Associate Director
Rachelle Morrow, +(1) 908-439-2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, +(1) 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
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