The rating on CDP is aligned with the one of its public sponsor, the Italian Republic, rated BBB+ with a Stable Outlook.

The high level of integration, medium degree of control and regular support and high likelihood of exceptional support by the Italian State underpin the assessment.

We maintain this view despite the condition for automatic equalization, i.e. an explicit guarantee covering all or most of the entity’s debt obligations, not being met.

The supplementary analysis highlights the solid profitability, low asset risk and stable funding base. However, it does not lead to additional upward or downward notching.

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.

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