TEXT-S&P raises Fondiaria-SAI Spa rating to 'B+' from 'B'

Overview -- On Aug. 1, 2012, Fondiaria-SAI Spa's EUR1.1 billion shareholder rights' offer period concluded. Of the newly issued shares, 61% was subscribed for a total value of EUR666.3 million, with the remaining to be offered on the market. The subscription of any remaining ordinary shares is guaranteed by a pool of banks, subject to specific clauses. -- We estimate Fondiaria-SAI's capital adequacy has been restored above the minimum regulatory requirements. However, we believe the r