Cattolica Subordinated Callable Fixed-To-Floating-Rate Notes Due In 2047 Assigned 'BB+' Rating

Italian insurer Cattolica plans to issue up to €500 million fixed-to-floating-rate subordinated notes due in December 2047, with a first call in 2027. We are assigning our 'BB+' issue rating to the proposed notes, subject to our review of the final terms and conditions. The notes fulfil our requirements for intermediate equity content, reflecting their interest deferability and subordination features, among other features. We expect to include the proposed notes in our calculation of Cattolica's consolidated total adjusted capital (TAC) up to the amount included in its regulatory solvency margin and 25% of our TAC. MADRID (S&P Global Ratings) Nov. 30, 2017--S&P Global Ratings said today that it has assigned its 'BB+' long-term issue rating to the proposed fixed-to-floating-rate dated

...+ Italian insurer Cattolica plans to issue up to 500 million fixed-to-floating-rate subordinated notes due in December 2047, with a first call in 2027. + We are assigning our '##+' issue rating to the proposed notes, subject to our review of the final terms and conditions. + The notes fulfil our requirements for intermediate equity content, reflecting their interest deferability and subordination features, among other features. + We expect to include the proposed notes in our calculation of Cattolica's consolidated total adjusted capital (TAC) up to the amount included in its regulatory solvency margin and 25% of our TAC. MADRID (S&P Global Ratings) Nov. 30, 2017--S&P Global Ratings said today that it has assigned its '##+' long-term issue rating to the proposed fixed-to-floating-rate dated subordinated notes to be issued by Italian insurer Societa Cattolica di Assicurazione (Cattolica; ###/Stable/--). The rating is subject to our review of the final terms and conditions. The rating reflects...

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