TEXT-S&P may still change Fondiaria-SAI Spa ratings

Overview -- On April 26, 2012, the Italian Antitrust Authority suspended Fondiaria-SAI group's (Fondiaria-Sai, core operating entities rated B/Watch Dev) merger and integration plans with Unipol group (Unipol, core operating entities rated BBB+/Watch Neg). This was in order to investigate the potential damage to competition that could result from the merger. -- We believe that the execution of the merger plans is uncertain as a result of the antitrust action. The merger is