OREANDA-NEWS. Fitch Ratings has affirmed Italian insurer ITAS Mutua's (ITAS) Insurer Financial Strength (IFS) rating at 'BBB', and Long-term Issuer Default Rating (IDR) at 'BBB-'. The Outlook is Stable. Fitch has also affirmed ITAS's subordinated notes at 'BB'.

The affirmation reflects ITAS's small but improving market position in the Italian insurance market, strong capitalisation, improved non-life underwriting result and life premium growth in 2015, as well as the insurer's large concentration risk in Italian sovereign (BBB+/Stable) debt.