The downgrade reflects recurring loan covenant breaches due to increasing margin volatility that has weakened credit metrics. The Outlook captures the continued uncertainty on a recovery and the unresolved waivers.

The rating is supported by the issuer’s hydropower reservoir utilization and strong credit metrics. Exposure to power price volatility and limited diversification constrains the rating.

Poste Italiane’s strategic importance to Italy, diversified business structure and solid financial profile support the rating. The Outlook revision of Italy’s sovereign rating, to which Poste Italiane’s ratings are aligned, drives the Outlook change.

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.

Strong integration with its owning counties, high strategic importance in regional development, a strong market position, and resilient toll revenue are strengths. High leverage and significant capital expenditure are challenges.

The affirmation is based on a deleveraging expected in 2025, which will be supported by robust cash flows from operations. This will help to balance the company's ambitious growth plans and increased capital expenditure expectations in the coming years.

The affirmation reflects an expected stabilisation of profitability driving deleveraging amid a multi-year capital-intensive investment programme.

The affirmation reflects the operational recovery to date and subsequent improvement in credit metrics. However, metrics and liquidity remain weak, with further improvement contingent on continued top-line growth enabled by a broader recovery in demand.

The transaction is a securitisation of real estate and lease receivables related to two UK data centres managed by Vantage Data Centers.

Scope Ratings UK Limited (Scope) announces that the proposed amendments to the transaction documents will not, in and of themselves, result in a Rating Action or withdrawal of the current rating of the class A-2 notes.