Ratings
This section contains the ratings assigned to the Group by the leading international agencies (Moody's, AM Best and Fitch).
On 13 February 2015, at Generali’s request, Standard & Poor’s withdrew its rating relative to the Group.
Rating - Insurance financial strength
| Current | 31.12.16 | 31.12.15 | 31.12.14 | 31.12.13 | ||
| Moody's | Rating Outlook |
Baa1 Stable |
Baa1 Stable |
Baa1 Stable |
Baa1 Stable |
Baa1 Negative |
| Fitch | Rating Outlook |
A- Stable |
A- Stable |
A- Stable |
A- Stable |
A- Negative |
| AM Best | Rating Outlook |
A Stable |
A Stable |
A Stable |
A Stable |
A Negative |
Rating - Bonds
| Current | 31.12.16 | 31.12.15 | 31.12.14 | 31.12.13 | ||
| Moody's | senior | Baa2 | Baa2 | Baa2 | Baa2 | Baa2 |
| subordinated | Baa3 | Baa3 | Baa3 | Baa3 | Baa3 | |
| hybrid | Ba1 | Ba1 | Ba1 | Ba1 | Ba1 | |
| outlook | stable | stable | stable | stable | negative | |
| Fitch | senior | A- | A- | A- | BBB+ | BBB+ |
| subordinated | BBB (1) | BBB (1) | BBB (1) | BBB- (1) | BBB- | |
| hybrid | BBB | BBB | BBB | BBB- | BBB- | |
| outlook | stable | stable | stable | stable | negative | |
| AM Best | senior | A- | A- | A- | A- | A- |
| subordinated | BBB+ | BBB+ | BBB+ | BBB+ | BBB+ | |
| hybrid | BBB (2) | BBB (2) | BBB (2) | BBB (2) | BBB+ | |
| outlook | stable | stable | stable | stable | negative |
(1) Generali’s Eur 1bn 4.125% subordinated note, issued on April 29, 2014, affirmed at BBB+
(2) AM Best new methodology on debt, effective on May 6, 2014, introduced a different notching between senior and junior subordinated debt
Description & Ranking Grid by Rating Agency
Ratings refer to a judgement of the credit rating and probability of default of an entity or the security to which the rating has been assigned. Every ratings agency uses a different method to compile its ratings.