MILAN (S&P Global Ratings) Aug. 3, 2020--S&P Global Ratings today said that Societa Cattolica di Assicurazione (BBB/Negative/--), in receiving approval for its change into a public company, has taken another step in increasing its capital. On July 31, the extraordinary shareholders' meeting approved Cattolica's change legal status from that of a cooperative to that of a public joint-stock company. We expect the change in legal status to be approved by IVASS (the Italian insurance regulator) and officially registered by early September. This will trigger the right for shareholders who have not approved the change or participated in the extraordinary general assembly to exercise a cash opt-out from Cattolica's shareholding, valuing each share at €5.47. The opt-out is below the €5.55
