Strong integration with the government, high likelihood of exceptional support and sound fundamentals support the rating. The Outlook revision of the Italian Republic sovereign rating, to which CDP’s ratings are aligned, reflects the Positive Outlook.

The ratings are driven by the high integration with the Italian Republic and the likelihood of exceptional support.

The ratings are driven by the high integration with the Italian Republic and the likelihood of exceptional support.

The rating is driven by the high integration with the Italian Republic and likelihood of exceptional support.

The rating is driven by the high integration with the Italian Republic and likelihood of exceptional support.

The rating action on CDP follows Scope's recent revision of the Outlook on the Republic of Italy to Stable from Negative.

The rating action on CDP follows the recent revision by Scope Ratings of the Outlook on the Republic of Italy to Negative from Stable.

The rating action follows Scope Ratings’ downgrade of its rating on the Republic of Italy on 7 December. The rating on CDP is aligned to the rating on the Republic of Italy.

Significant concentration in Italian sovereign risk and government guarantee on a large segment of liabilities are key drivers of CDP’s ratings and their Outlook – although not the only ones.

This is the first time Scope publishes ratings on the Italian institution.