On May 31, 2021 Assicurazioni Generali SpA (Generali) launched a cash voluntary public tender offer for all the Societa Cattolica Assicurazione SpA shares it does not own. Cattolica's board has not taken a position on the offer but announced on June 7 it would postpone the second tranche of its capital increase, a suspensive condition set out by Generali. We are placing our ratings on Cattolica on CreditWatch with positive implications. We may raise the ratings on Cattolica by one notch or more over the next few months if the company is acquired by Generali. On June 15, 2021, S&P Global Ratings placed its 'BBB' long-term insurer financial strength and issuer credit ratings on Italy-domiciled Societa Cattolica di Assicurazione (Cattolica)
