On Oct. 26, 2018, we revised our outlook on Italy to negative from stable, and affirmed our 'BBB' unsolicited long-term sovereign credit rating on the country. While our assessment of Italian insurer Societa Cattolica di Assicurazione's creditworthiness before taking into account sovereign risk remains unchanged at 'bbb+', we cap our final ratings at the level of our sovereign credit rating on Italy, due to Cattolica's material exposure to Italian investments. As a result, we are revising the outlook on Cattolica to negative from stable, and affirming our 'BBB' ratings on the insurer. The negative outlook reflects that on Italy. On Oct. 30, 2018, S&P Global Ratings revised to negative from stable its outlook on Italian insurer Societa Cattolica di Assicurazione
