Press release

Scope assigns short-term rating to CDP: S-1, Stable Outlook

The new rating also applies to CDP’s €6 billion multi-currency Commercial Paper Programme

Rome, 1 February 2018 h 8:25 am

Today Cassa depositi e prestiti Spa (CDP) has obtained from Scope Ratings AG (Scope) a public rating on its short-term debt equal to S-1, with Stable Outlook.

The same rating has also been assigned to CDP’s multi-currency Commercial Paper Programme, launched in 2014 and expanded this year from €3 billion to €6 billion.
The agency’s analysis highlights the following points supporting the short-term rating:

The Issuer rating assigned to CDP: A-, with Stable Outlook;
The ample liquidity characterizing CDP's balance sheet, which includes about €156 billion deposited on its Treasury Account and a considerable portfolio of government securities;
The diversification of CDP’s funding sources.

Scope's short-term rating is added to those already assigned by the other international agencies that currently cover CDP: S&P (A-2), Moody's (P-2) and Fitch (F2).