On July 26, 2022, we revised our outlook on Italy (unsolicited; BBB/Positive/A-2) to stable from positive and affirmed the sovereign ratings. In our view, Generali group would be resilient to a potential default of Italy but its material exposure to Italian assets creates sensitivity to country risk. Therefore, we limit the rating on Generali's core subsidiary Societa Cattolica Assicurazione (Cattolica) to three notches above our rating on Italy. We consequently revised our outlook on Cattolica to stable from positive and affirmed our 'A' ratings on the insurer. The stable outlook mirrors that on Italy. On July 29, 2022, S&P Global Ratings revised its outlook on Italy-based insurer Societa Cattolica Assicurazione (Cattolica) to stable from positive. At the same time, we
