Genertel SpA

The stable outlook on Genertel mirrors that on Italy. The outlook also reflects our expectation that Generali will continue to have material exposure to Italy and remain resilient to potential sovereign stress. We could lower the rating on the insurer over the next 12-24 months if we lower the sovereign ratings on Italy. We could raise the rating on Genertel over the next 12-24 months if we upgrade Italy and our assessment of Generali group's creditworthiness does not weaken. We view Genertel as a core part of its 100% owner, the Generali Group (not rated). Genertel is controlled by Generali Italia SpA (not rated), which is the main insurance carrier for Generali's activity in Italy. Genertel nevertheless remains separate from

...*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS OCTOBER 23, 2023 3...

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