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Moody's confirms Generali Garant's Ba3 Foreign Currency IFSR with a Positive Outlook

August 13, 2008 | Cbonds

Baa2 Local Currency IFSR affirmed with a Stable Outlook; National
Scale Rating Also affirmed

London, 12 August 2008 -- Moody's Investors Service has today announced
that it confirmed the Ba3 foreign currency insurance financial strength
rating (IFSR) of the Ukrainian insurance company Generali Garant with a
Positive outlook, concluding a review for possible upgrade that began in
April. At the same time, the local currency IFSR of Baa2 of Generali
Garant was affirmed with a Stable outlook. The National Scale Rating of was also affirmed.

This rating action has been triggered by the conclusion of the review for
possible upgrade of Ukraine's Ba3 country ceiling for foreign currency
bonds announced on March 28th, 2008. The B1 local and foreign currency
bond ratings of the Ukrainian government and Ukraine's B2 country ceiling
for foreign currency deposits were confirmed with a Positive outlook on
August 8th 2008 whilst the A3 country ceilings for local currency bonds
and the Baa1 country ceiling for local currency deposits were affirmed
with a Stable outlook. Short-term ratings remained at Non-Prime. For
more information please see the press release "Moody's decides not to
upgrade but maintains positive outlook on Ukraine's ratings" published on on August 8th 2008.

Moody's current ratings on Generali Garant reflect the company's strong
franchise in the Ukrainian P&C market, a well-developed regional
network, underwriting expertise in the motor business, as well as
integration into the Generali Group. This is offset by Generali Garant's
high expense ratio, limited product diversification and geographic
diversification outside the country, a track record of weak
profitability, as well as a concentration of invested assets in real
estate. The foreign currency IFSR is currently constrained by Ukraine's
Ba3 foreign currency bond ceiling.

The following rating was confirmed with a Positive outlook:

Generali Garant -- foreign currency insurance financial strength rating
of Ba3.

The following ratings were affirmed with a Stable outlook:

Generali Garant -- local currency insurance financial strength rating of
Baa2, stable outlook;

Generali Garant -- national scale rating of

Based in Kiev, Ukraine, Generali Garant is ultimately controlled by
Assicurazioni Generali SpA through Generali Holding Vienna AG. In 2007,
Generali Garant reported Gross Premiums Written of UAH527.4 million
compared to UAH360.2 million in 2006. Shareholders' equity under local
GAAP was UAH83.5 million as at 31 December 2007.

Company: Generali Garant

Full company nameGenerali Garant OJSC
Country of riskUkraine


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