Standard & Poor's has revised its outlook on Italian property-casualty company Generali to negative from stable.
In the same move, the ratings agency affirmed the insurer financial strength and counterparty credit ratings at 'AA'.
Standard & Poor's credit analyst Yann Le Pallec said: "The change in outlook is the result of Generali's revised 2002 earnings prospects.
"The previous stable outlook was based on the expectation that in 2002 operating earnings would grow by 10% and risk-adjusted capital adequacy would be maintained in excess of 160%.
"In addition, the impact of floods and storms in Central Europe and rising reinsurance protection costs has hit Generali. The company's earnings for 2002 are now expected to barely exceed the 2001 level."
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