Cassa depositi e prestiti appoints the European Agency, that joins S&P, Moody’s and Fitch
Rome, 24 October 2017 h: 7:47
Cassa depositi e prestiti Spa (CDP) has appointed Scope Ratings AG (Scope) to assign a new public rating to CDP.
For the first time, the European agency Scope will be assigning a rating to CDP, in addition to those assigned by the three international agencies who currently assess CDP: S&P, Moody’s and Fitch.
The decision to increase the number of agencies assessing CDP's activity and stability aimed at obtaining a comprehensive analysis that would identify the specificities of the institute, while recognising the uniqueness of its activities and financial solidity.
The decision is also in line with the new European regulation, that encourages greater competition on the market among rating agencies. Scope, who was appointed by the German KFW, has already issued the first public rating of a European National Promotional Institution.
Scope is fully recognised as an ECAI (External Credit Assessment Institution) by the European Union, a classification based on EU standards for capital-absorption regulation (e.g. CRR and Solvency II).
Scope assigned CDP - and its senior unsecured debt - a long-term rating of “A-” with Stable Outlook. The agency's analysis focuses on the following strong points of the company:
Scope’s rating to CDP is better than the other current public ratings assigned by S&P (BBB-, stable), Moody’s (Baa2, negative) and Fitch (BBB, stable) to Cassa depositi e prestiti.