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.

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