Upward rating movement is unlikely at this point. Negative rating actions could occur if there were a worsening of risk-adjusted capitalisation tied to investment losses or a deterioration of the operating environment in key territories. The FSR of A (Excellent) and issuer credit rating of "a" has been removed from under review and affirmed with a negative outlook for Assicurazioni Generali S.p.A. and its following subsidiaries: The issuer credit rating of "bbb" of Generali France S.A. has been removed from under review and affirmed with a negative outlook. The following debt ratings have been removed from under review and affirmed with a negative outlook.