Generali requests S&P withdraw ratings

Rating agency Standard & Poor’s has withdrawn its ratings of Italian insurer Generali, at the firm’s request.

Generali said that the decision is based on the “the inflexibility of S&P’s criteria to take into account the significant improvement of Generali’s credit strength achieved over the past two years.”

It added that the mechanical link to the sovereign rating applied by S&P does not give merit to the group’s high level of diversification or the benefits of its broad geographical presence.

S&P affirmed Generali’s long-term counterparty credit and insurer financial strength ratings at 'BBB+'.