China Chengxin International Credit Rating assigns AAA rating to CDP with stable outlook

Press release

China Chengxin International Credit Rating assigns AAA rating to CDP with stable outlook

The People’s Bank of China gives the all clear for the “Panda Bond” issuance plan for a maximum total amount of 5 billion Renminbi

Rome, 26 July 2019 08:49– Cassa Depositi e Prestiti S.p.A. (CDP) announces that the Chinese rating agency China Chengxin International Credit Rating Co., Ltd (CCXI) has assigned AAA rating to CDP with stable outlook.

Obtaining the Chinese onshore rating is one of the activities in preparation for the launch of CDP’s issuance plan “2019 Renmimbi Bonds of Cassa depositi e prestiti S.p.A.” so called “Panda Bond” for a maximum total amount of 5 billion Renminbi. The Plan - intended for institutional investors operating in the China Interbank Bond Market - was authorised by the People’s Bank of China. Therefore, CDP will become the first Italian issuer, as well as the first European National Promotional Institution to get this approval, and to be able to operate on this market.

The financial resources deriving from the issues will be used to finance - directly, through Chinese branches of Italian banks or through Chinese banks - branches or subsidiaries of Italian companies established in China, supporting their growth.

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