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      Scope assigns S-1 short-term debt rating to Italy’s Cassa Depositi e Prestiti; Stable Outlook
      THURSDAY, 01/02/2018 - Scope Ratings AG
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      Scope assigns S-1 short-term debt rating to Italy’s Cassa Depositi e Prestiti; Stable Outlook

      The ratings will apply to Cdp’s EUR 6bn multi-currency commercial paper programme.

      Scope Ratings has today assigned a first-time short-term debt rating of S-1 to Cassa Depositi e Prestiti S.P.A (Cdp), with Stable Outlook.

      The ratings are anchored into Scope’s analysis of Cdp (Issuer Rating at A-), and reflect the ample structural liquidity of Cdp’s balance sheet, including EUR 156bn in a treasury account with the central state as of June 2017 and a material securities portfolio largely comprised of Italian government bonds.

      Scope added that it assigned the S-1 rating to Cdp SpA’s EUR 6bn multi-currency commercial paper programme (first launched in 2014 but being recently doubled in size). According to the rating agency, the use of commercial paper is part of Cdp’s attempt to partially diversify its funding sources, which remain dominated by postal savings.

      The following ratings were assigned to Cdp, all with Stable Outlook:

      • Short-term debt ratings of S-1, Stable Outlook;
      • EUR 6bn Multi-currency Commercial Paper programme rating of S-1, Stable Outlook.

      The methodology used for the rating assessment is the “Bank rating methodology” (latest version published in May 2017) . This document can be downloaded on www.scoperatings.com.

      Stress testing & cash flow analysis
      No stress testing was performed. No cash flow analysis was performed.

      Methodology
      The methodology used for this rating(s) and/or rating outlook(s) Rating Methodology Bank Ratings is available on www.scoperatings.com.
      Historical default rates of Scope Ratings can be viewed in the rating performance report on https://www.scoperatings.com/#governance-and-policies/regulatory-ESMA
      Please also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope’s definition of default as well as definitions of rating notations can be found in Scope’s public credit rating methodologies on www.scoperatings.com.
      The rating outlook indicates the most likely direction of the rating if the rating were to change within the next 12 to 18 months.

      Solicitation, key sources and quality of information
      The rated entity and/or its agents participated in the rating process.
      The following substantially material sources of information were used to prepare the credit ratings: public domain, the rated entity and third parties.
      Prior to publication, the rated entities was given the opportunity to review the ratings and/or outlook and the principal grounds on which the credit ratings and/or outlook are based. Following that review, the ratings were not amended before being issued.

      Regulatory disclosures
      This credit ratings and/or rating outlook is issued by Scope Ratings GmbH.
      Lead analyst Marco Troiano, Executive Director
      Person responsible for approval of the ratings: Sam Theodore, Group Managing Director
      The ratings/outlooks were first released by Scope on 31.01.2018.

      Potential conflicts
      Please see www.scoperatings.com. for a list of potential conflicts of interest related to the issuance of credit ratings.

      Conditions of use / exclusion of liability
      © 2018 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Analysis GmbH, Scope Investor Services GmbH and Scope Risk Solutions GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.

      Scope Ratings GmbH, Lennéstrasse 5, 10785 Berlin, District Court for Berlin (Charlottenburg) HRB 192993 B, Managing Director(s): Dr. Stefan Bund, Torsten Hinrichs.

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