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Fitch acts on Adriatic Slovenica, KD Group following deal announcement

Fitch Ratings has placed Adriatic Slovenica Zavarovalna druzba dd's BBB- insurer financial strength rating on Rating Watch Positive and KD Group financna družba dd's BB issuer default rating on Rating Watch Evolving.

The ratings actions come after KD Group agreed to sell its 100% stake in Adriatic Slovenica to Generali unit Generali CEE Holding BV.

Fitch said the Rating Watch Positive states on Adriatic Slovenica reflects the agency's view that the company's acquisition by Generali will improve its credit profile, while the Rating Watch Evolving status on KD Group reflects the uncertainty about the company's future strategic direction and that it will lose access to Adriatic Slovenica's dividend capacity.

The agency will resolve the rating watches following the completion of the sale, which is expected in the second half, and after completing its assessment of both companies' stand-alone credit profiles, as well as its assessment of Adriatic Slovenica's strategic importance to Generali.