On Feb. 3, 2006, Standard&Poor's Ratings Services assigned its 'A' long-term counterparty credit and insurer financial strength ratings to Italy-based composite insurer Società Cattolica di Assicurazione (Cattolica). The outlook is stable. The ratings on Cattolica reflect the group's strong competitive position, strong operating performance, and strong capitalization. These positive factors are partially offset by the group's dependence on third-party distribution for more than 60% of its total premiums. Major rating factors: Strong competitive position. Cattolica is the sixth-largest Italian insurer and benefits from a sound bancassurance strategy and well-recognized agency force for the distribution of life and property/casualty (P/C) products, respectively. The group maintains a low risk profile given its primary exposure to retail customers. The business mix
