Rating

Rating on CDP is assigned by major credit rating agencies

Credit Rating

	STANDARD & POOR'S	MOODY'S	FITCH	SCOPE
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
Short-Term	A - 2	P - 3	F - 2	S - 2
Long-Term	BBB	Baa3	BBB	BBB+
Outlook	Stable	Stable	Stable	Stable
Last Update	28/07/2022	21/11/2023	30/11/2023	16/05/2023

ESG Rating

	Moody's Analytics	ISS ESG	Morningstar Sustainalytics*
Highlights	Strong environmental and social footprint that is above sector average Sound sustainability governance at both Board and managerial level and with the internal control system covering all relevant sustainability risks Moderate Carbon Footprint and Advanced Energy Transition scores	Services offered with high social and environmental benefit Social & Governance Rating at C+ level Very High Transparency Level (i.e. capacity to transparently disclose information and data)	Very strong disclosure, signaling a high degree of accountability to investors and the public Strong “Environmental Policy”, also signaling commitment to reduce emissions, releases, waste and use natural resources/energy more efficiently No involvement in any significant ESG-related controversies
Score/Rating	70/100	C-	13.8
Last Update	Oct-23	Nov-23	Oct-22

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