We expect a durable change in Cattolica's life insurance product mix, combined with more robust property/casualty reserving practices and greater capital management discipline as it prepares for Solvency II implementation. We therefore forecast that Cattolica's capital requirements for 2015-2017 will grow more slowly than we previously thought and that its capital adequacy will remain in the upper adequate range. Accordingly, we are revising up the indicative stand-alone credit profile to 'bbb+'. We are affirming our 'BBB-' long-term rating on Cattolica, as it is limited by the sovereign rating on Italy, under our criteria for rating above the sovereign. The stable outlook reflects that on Italy. On July 29, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-' counterparty credit and
