Scope Ratings reviews its ratings either yearly, or every six months in the case of sovereigns, sub-sovereigns and supranational organisations. Monitoring reviews are unrelated to the calendar that outlines public finance rating actions.

Scope performs monitoring reviews to determine whether outstanding ratings remains proportionate. Monitoring reviews are conducted either by performing a portfolio review in terms of the applicable methodology/ies, latest developments, and the rated entity’s financial and operational aspects relative to similarly rated peers; or through targeted reviews on an individual credit. Scope publicly announces the completion of each monitoring review on its website.

Scope completed the monitoring review for Cassa Depositi e Prestiti rated BBB+ with a Negative Outlook on 12 May 2021. This monitoring note does not constitute a rating action nor does it indicate the likelihood of a credit rating action in the short term. The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

• Strong level of integration with Italian government
   
• High likelihood of exceptional support due to CDP’s systemic importance to Italy’s economy and public sector finances
   
• Strong financial fundamentals including sound profitability metrics, low asset risk and a stable funding base

The methodology applicable for the reviewed rating and/or rating Outlook (Rating Methodology: Government Related Entities, 5 May 2021) is available on https://www.scoperatings.com/#!methodology/list.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst Chiara Romano, Associate Director.

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