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LJUBLJANA (Slovenia), September 25 (SeeNews) - Fitch Ratings said on Tuesday it has maintained Slovenian holding company KD Group's 'BB' issuer default rating (IDR) on rating watch negative (RWN) and has chosen to withdraw the rating for commercial reasons.
"The RWN on KD Group's IDR reflects that the company is in the process of selling Adriatic Slovenica (Insurer Financial Strength (IFS) rating: BBB-/RWP) to Generali CEE Holding B.V., the intermediate holding company managing Assicurazioni Generali S.p.A.'s (IFS rating: A-/Negative) operations in central and eastern Europe," Fitch said in a statement.
The ratings agency explained that it regards KD Group as higher risk given that it will be a very small real estate investor, instead of an insurance holding company, after the sale of Adriatic Slovenica. Also, KD Group will no longer have access to Adriatic Slovenica's dividends.
Fitch concluded it is not resolving the RWN as the sale of Adriatic Slovenica has not been completed.