On July 12, 2022, Assicurazioni Generali SpA (Generali) announced it had exceeded 95% ownership of Società Cattolica di Assicurazione S.p.A. (Cattolica) and will squeeze out of the remaining minority shareholders We believe the integration of Cattolica in Generali is proceeding speedily and could accelerate following Generali's full ownership of Cattolica. We continue to consider that the Generali group would be resilient to a potential default of Italy (BBB/Positive/A-2). We therefore raised our ratings on Cattolica to 'A' from 'A-' based on our view of the entity's core status in the Generali group. The positive outlook reflects that on Italy, and indicate that we could raise our ratings on Cattolica if we upgrade Italy and our current assessment Generali group's creditworthiness
