Fitch cuts Intesa Sanpaolo Vita, Poste Vita

Fitch Ratings said it downgraded Intesa Sanpaolo Vita's (ISV) and Poste Vita's insurer financial strength ratings and long-term issuer default ratings to BBB from BBB+.

The agency also downgraded Intesa Sanpaolo Vita’s dated subordinated debt to BBB- from BBB and undated subordinated debt to BB+ from BBB-, and Poste Vita’s dated subordinated debt to BBB- from BBB.

The outlooks are stable.

The actions follow Fitch's recent downgrade of Italy's long-term foreign- and local currency issuer default ratings to BBB from BBB+ and subsequent rating action on Intesa Sanpaolo, ISV's parent company.

Intesa Sanpaolo Vita and Poste Vita are significantly exposed to Italian sovereign debt and this heavily influences their ratings. Their insurer financial strength ratings are constrained by Italy's BBB long-term issuer default rating.

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