A.M. Best Assigns Debt Rating to Assicurazioni Generali SpA’s Forthcoming Senior Unsecured Notes

  A.M. Best Assigns Debt Rating to Assicurazioni Generali SpA’s Forthcoming
  Senior Unsecured Notes

Business Wire

LONDON -- January 10, 2014

A.M. Best Europe – Rating Services Limited has assigned a debt rating of “a-”
to the proposed EUR 1.25 billion 2.875% senior unsecured notes due 2020 to be
issued by Assicurazioni Generali S.p.A. (Generali) (Italy). The assigned
outlook is negative, in line with the outlook on the group’s issuer credit
rating.

The notes will be issued by Generali under the EUR 10 billion Euro Medium Term
Note (EMTN) programme that was renewed in April 2013. The senior unsecured
notes will pay a fixed annual coupon of 2.875%. Although the debt leverage
ratio will increase temporarily, it is expected to return to a more moderate
level in the second quarter of 2014 as Generali intends to use the debt issue
to redeem senior notes maturing in May 2014. A.M. Best will continue to
monitor Generali’s interest coverage and leverage ratios, although the present
levels do not engender concern at the current rating level.

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. Best’s Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.

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

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

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