...MADRID (S&P Global Ratings) July 27, 2017--S&P Global Ratings said today that its ratings and outlook on Italian insurance group Societa Cattolica di Assicurazione (###-/Stable/--) remain unchanged following the group's announcement earlier today of the effects of its implementation of new impairment test procedures on the group's assets. Cattolica has carried out the procedures with the aim of aligning the group with best market practices. As a result, we understand Cattolica will report write-downs totaling 67 million, including 54 million for goodwill and other investments, mostly related to the life business, and 13 million on available-for-sale securities and equity. Because most of the write-downs relate to intangible assets that are already deducted from own funds under both S&P Global Ratings' risk-based capital model and Solvency II, we do not expect any impact on the group's solvency position or on our ratings. In our view, Cattolica's underlying operating performance remains...
