Italian composite insurer Cattolica's P/C business profitability continues to improve despite difficult market conditions. The renewal of two large bancassurance agreements eases our concerns about its competitive position in the Italian market. We are revising the outlook to stable and affirming the ratings at A-. On Sept. 22, 2010, Standard&Poor's Ratings Services revised the outlook on its ratings on Italian composite insurer Società Cattolica di Assicurazione (Cattolica) to stable from negative because of our view of its improving property/casualty (P/C) operating performance and consolidated competitive position. In addition, Standard&Poor's affirmed the 'A-' insurer financial strength and counterparty credit ratings on Cattolica. The outlook change reflects Cattolica's continuous improvement of P/C business profitability despite difficult market conditions,
