On July 9, 2013, Standard&Poor's lowered its unsolicited long-term sovereign credit rating on the Republic of Italy to 'BBB' from 'BBB+'. We consider that the sovereign downgrade has a limited immediate impact on Italian insurer group Societa Cattolica di Assicurazione's business risk and financial risk profiles, and continue to assess property/casualty and life insurance industry and country risk in Italy as moderate. Consequently, we are affirming our 'BBB' long-term ratings on the group. The negative outlook reflects that on the sovereign rating, and our views on the risks of further weakening in Cattolica's capital adequacy or risk position. On July 12, 2013, Standard&Poor's Ratings Services affirmed its 'BBB' long-term counterparty credit and insurer financial strength ratings
