Rating

CDP's key role within the Italian economy, its strong fundamentals, and the presence of a State guarantee on postal savings are among the factors behind CDP's high credit quality according to leading credit rating agencies.

The sound sustainability governance, the strong integration of the ESG strategy within the core business, and a high degree of transparency and accountability towards stakeholders support CDP's positioning among the industry's best-in-class based on ESG ratings from leading market providers.

Credit Rating

	STANDARD & POOR'S	MOODY'S⁽¹⁾	FITCH RATINGS	SCOPE
Highlights	Integral link with the Italian Government Critical role for Italian economy Very low risk profile and stable funding structure	High probability of Italian Government support Negligible stock of problem loans Solid funding structure	Strong State link Significant share of liabilities guaranteed by the Italian Government High profitability and revenue stability	High level of integration with Italian Government Strong credit support from the State guarantee on postal savings Solid fundamentals
Short-Term	A - 2	P - 3	F - 2	S - 2
Long-Term	BBB+	Baa3	BBB	BBB+
Outlook	Stable	Stable	Positive	Stable
Last Rating Action	16/04/2025	21/11/2023	30/10/2024	01/10/2024

⁽¹⁾ Unsolicited

ESG Rating

	Moody's Analytics	ISS ESG	Morningstar Sustainalytics⁽¹⁾
Highlights	Strong environmental and social footprint, with a higher score than the sector average Sound sustainability governance at both Board and managerial level and with the internal control system covering all relevant sustainability risks Carbon Footprint & Energy Transition deemed at the best score category⁽²⁾	Progress on climate-related aspects, with energy and GHG emission intensity below the industry benchmark Social & Governance Rating at B- level Very High Transparency Level (i.e. capacity to transparently disclose information and data)	Robust ESG disclosure practices, signaling a high degree of accountability towards stakeholders Solid and above-average ESG risk management at the governance level Strong integration of the corporate sustainability strategy within the core business
Score/Rating	70/100	C (Prime Status)	4.6
Last Update	Dec-24	Jan-25	Apr-25

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⁽²⁾ Carbon Footprint & Energy Transition provides an assessment of a company’s carbon footprint combined with the strategy to manage risks and opportunities related to the transition to a low carbon economy. CDP is ranked A, with scores going from A to D.