Darker and darker the horizon of FonSai, which also receives bad news from overseas. The American agency Standard & Poor's announced that it has cut the rating of the Italian insurance company (which had already undergone a downgrade on 15 November) and of its subsidiary Milano Assicurazioni. The evaluation goes like this from BB+ to B.
S&P explains that the decision is linked to the deterioration of the company's financial position, even more radical than expected, especially in light of the 925 million losses which the group has announced that it estimates for 2011.
Furthermore, FonSai's rating has been placed below “credit watch developing“. This means that it could undergo further changes – negative or positive – in the coming months. The dividing line will most likely be the outcome of the expected capital increase.
Around 10, in Piazza Affari, the company's stock leaves the field by one percentage point.
