Credit Rating

Rating on CDP is assigned by major credit rating agencies

	STANDARD & POOR'S	MOODY'S	FITCH	SCOPE	CCXI ⁽¹⁾
Highlights	Integral link with the Italian government Critical role for Italian economy Sound fundamentals	High support from the Italian government Negligible stock of problem loans Stable funding structure	Strong State links Dividend role for profitability Sound funding structure	Italian NPI and unique business model Solid fundamentals Dividend role for profitability	Very high support from the Italian government High asset quality Stable and diversified financing channels
Short-Term	A - 2	P - 3	F2	S-2	N.a.
Long-Term	BBB	Baa3	BBB	BBB+	AAA
Outlook	Negative	Stable	Negative	Stable	Stable
Last Update	30/10/2018	23/10/2018	17/04/2019	17/12/2018	11/06/2019

⁽¹⁾ Local Rating assigned by CCXI - China Chengxin International Credit Rating Co. - is valid only for issues on the domestic Chinese market.