A.M. Best, sotto osservazione i rating di Generali e controllate, outlook negativo 

A.M. Best Europe – Rating Services Limited has taken action in the wake if the Italian financial crisis by placing the financial strength rating of ‘A+’ (Superior) and issuer credit rating of “aa-” of Assicurazioni Generali S.p.A. and its main subsidiaries under review with negative implications. Best explained that its rating action “reflects the potential impact on Generali’s operations of the recent change in the Italian political environment and the deterioration of the economic climate in the euro-zone, particularly pronounced in Italy, which implied a serious increase in volatility of the financial markets.” Best added: Although it is aware that “Generali benefits from good geographical diversification together with a strong business profile, Italy remains the group’s core market, having contributed 27 percent to gross premiums written during the first nine months of 2011.” Best also said it “considers the group’s exposure to Italian sovereign debt to be significant.” As the economic situation of Italy has been particularly volatile for the last few weeks, and in the context of the current political changes, Best said it “will continue to monitor Generali’s developments.” Best summarized the operating companies affected by its rating actions as follows: The financial strength rating of ‘A+’ (Superior) and issuer credit rating of “aa-” have been placed under review with negative implications for Assicurazioni Generali S.p.A. and its following subsidiaries: Generali Deutschland Holding AG AachenMünchener Lebensversicherung AG AachenMünchener Versicherung AG Generali Lebensversicherung AG Generali Versicherung AG COSMOS Lebensversicherungs-AG COSMOS Versicherung Aktiengesellschaft Central Krankenversicherung Aktiengesellschaft Generali Vie Generali IARD The financial strength rating of ‘A+’ (Superior) and issuer credit rating of “aa-” of Generali USB have been placed under review with negative implications. The issuer credit rating of “a-” of Generali France S.A. has been placed under review with negative implications. The following debt ratings have also been placed under review with negative implications: Assicurazioni Generali S.p.A.— — “a+” on €1.750 billion [$2.3625 billion] 5.125 percent senior unsecured notes, due 2024 — “a+” on €750 million [$1.0125 billion] 4.875 percent senior unsecured notes, due 2014 — “a” on €750 million [$1.0125] 6.9 percent fixed/floating rate subordinated callable debentures, due 2022 (callable in 2012) — “a” on £495 million [$777.15 million] 6.416 percent fixed/floating subordinated rate perpetual debentures, callable in 2022 — “a” on £350 million [$550 million] 6.269 percent fixed/floating subordinated rate perpetual debentures, callable in 2026 Generali Finance B.V. (guaranteed by Assicurazioni Generali S.p.A.) — — “a+” on €1.5 billion $2.025 billion] 4.75 percent senior unsecured debentures, due 2014 — “a+” on €500 million [$675 million] 3.875 percent senior unsecured notes, due 2015 — “a” on €1.250 billion [$1.6875 billion] 5.479 percent fixed/floating subordinated rate perpetual debentures, callable in 2017 — “a” on €1.275 billion [$1.721 billion] 5.317 percent fixed/floating subordinated rate perpetual debentures, callable in 2016 — “a” on £700 million [$1.098 billion] 6.214 percent fixed/floating subordinated rate perpetual debentures, callable in 2016 The following indicative ratings on securities available under the €7 billion [$9.45 billion] medium-term note program have been placed under review with negative implications: Assicurazioni Generali S.p.A. and Generali Finance B.V.— — “a+” on all senior notes to be issued under the program — “a” on all subordinated and hybrid notes to be issued under the program Source: A.M. Best