Rating

Our strategic role in the Italian economy, the strength of our fundamentals, and the state guarantee backing postal savings underpin the high credit quality recognized by the leading international rating agencies. Our commitment to sustainability places us among the best-in-class institutions in the sector according to the leading ESG rating agencies.

Our rating profile reflects CDP’s ability to operate with stability and continuity while pursuing a strong development mission for the benefit of the country, maintaining at the same time a prudent approach to risk management and funding activities.

A robust sustainability governance, the integration of ESG strategy into our core business, and our high level of transparency toward stakeholders are reflected in our ESG ratings, which confirm our commitment to combining strong economic and financial performance with social and environmental impact, while maintaining an ongoing dialogue with the market and the investment community.

This positioning strengthens market confidence and reinforces CDP’s credibility as a reliable and sustainable partner for the country.

Credit Rating

	Standard & Poor's	Moody's*	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 - 2	F - 1	S - 2
Long-Term	BBB+	Baa2	BBB+	BBB+
Outlook	Positive	Stable	Stable	Positive
Last Rating Action	03/02/2026	25/11/2025	24/10/2025	12/11/2025

Highlights

Integral link with the Italian Government
Critical role for Italian economy
Very low risk profile and stable funding structure

Short-Term: A - 2

Long-Term: BBB+

Outlook: Positive

Last Rating Action: 03/02/2026

Highlights

High probability of Italian Government support
Negligible stock of problem loans
Solid funding structure

Short-Term: P - 2

Long-Term: Baa2

Outlook: Stable

Last Rating Action: 25/11/2025

Highlights

Strong State link
Significant share of liabilities guaranteed by the Italian Government
High profitability and revenue stability

Short-Term: F - 1

Long-Term: BBB+

Outlook: Stable

Last Rating Action: 24/10/2025

Highlights

High level of integration with Italian Government
Strong credit support from the State guarantee on postal savings
Solid fundamentals

Short-Term: S - 2

Long-Term: BBB+

Outlook: Positive

Last Rating Action: 12/11/2025

ESG Rating

	ISS ESG	Morningstar Sustainalytics*	MSCI
Highlights	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	Strong Environmental performance, supported by a robust ESG risk management framework for financing activities Solid Access to Finance, driven by financial inclusion initiatives for SMEs and vulnerable client segments Top-tier tax transparency standards
Score/Rating	C (Prime Status)	4.3	AAA⁽ᵖ⁾
Last Update	Jan-25	Oct-25	Jun-26

Highlights

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

Strong Environmental performance, supported by a robust ESG risk management framework for financing activities
Solid Access to Finance, driven by financial inclusion initiatives for SMEs and vulnerable client segments
Top-tier tax transparency standards

Score/Rating

C (Prime Status)

4.3

AAA⁽ᵖ⁾

Last Update

Jan-25

Oct-25

Jun-26

Highlights

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)

Score/Rating: C (Prime Status)

Last Update: Jan-25

Highlights

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: 4.3

Last Update: Oct-25

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Highlights

Strong Environmental performance, supported by a robust ESG risk management framework for financing activities
Solid Access to Finance, driven by financial inclusion initiatives for SMEs and vulnerable client segments
Top-tier tax transparency standards

Score/Rating: AAA⁽ᵖ⁾

Last Update: Jun-26

^(p)MSCI Provisional ESG Ratings provide a preliminary assessment for companies outside of MSCI’s standard coverage universe