...Acquisition by Generali Positive for AS: The Rating Watch Positive (RWP) on Adriatic Slovenica d.d.'s (AS) IFS Rating reflects Fitch Ratings ' view that the planned acquisition by Assicurazioni Generali S.p.A. (Generali; IFS A-/Stable) w ill improve AS's credit profile. AS is the main operating entity of KD Group, financna druzba, d.d. (KD Group). AS has strong and stable net income and combined ratios, w hile at the consolidated KD Group level, profitability has been w eaker and more volatile. Financial leverage, w hich w as 43% at end-2017 on a consolidated KD Group basis, is also low er for AS, at 34% at end-2017. AS's rating could receive uplift from the standalone credit profile due to ow nership support once it is part of the Generali group. AS Sale Negative for KD Group: The Rating Watch Negative on KD Group's IDR reflects the expectation that the company w ill be a very small real estate investor, w hich Fitch regards as higher risk, instead of an insurance holding company after...
