Fitch Ratings upgrades GENERALI's IFS to "A", from "A-"
Fitch upgraded GENERALI's IFS (Issuer Financial Strength) credit rating to 'A' from 'A-' and affirmed the IDR (Issuer Default Rating) rating at 'A-'. The outlook remains negative on both ratings.
The upgrade on the IFS rating mainly stems from the removal of the sovereign cap following the adoption by Fitch of new rating criteria to capture country-related risks in insurance ratings. Specifically, Fitch moved away from the use of 'top-down' sovereign constraints to define how country risk is captured within each key credit factor under a bottom-up analysis.
A detailed presentation on Fitch's rating action can be found on here: https://www.fitchratings.com/site/pr/10064310