Rating

CDP's key role within the Italian economy, its strong fundamentals, and the presence of a State guarantee on postal savings are among the factors behind CDP's high credit quality according to leading credit rating agencies.

The sound sustainability governance, the strong integration of the ESG strategy within the core business, and a high degree of transparency and accountability towards stakeholders support CDP's positioning among the industry's best-in-class based on ESG ratings from leading market providers.

Credit Rating

	STANDARD & POOR'S	MOODY'S⁽¹⁾	FITCH RATINGS	SCOPE
Highlights	Integral link with the Italian Government Critical role for Italian economy Very low risk profile and stable funding structure	High probability of Italian Government support Negligible stock of problem loans Solid funding structure	Strong State link Significant share of liabilities guaranteed by the Italian Government High profitability and revenue stability	High level of integration with Italian Government Strong credit support from the State guarantee on postal savings Solid fundamentals
Short-Term	A - 2	P - 3	F - 2	S - 2
Long-Term	BBB	Baa3	BBB	BBB+
Outlook	Stable	Stable	Positive	Stable
Last Rating Action	28/07/2022	21/11/2023	30/10/2024	01/10/2024

⁽¹⁾ Unsolicited

ESG Rating

	Moody's Analytics	ISS ESG	Morningstar Sustainalytics⁽¹⁾
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 B- level Very High Transparency Level (i.e. capacity to transparently disclose information and data)	Strong ESG disclosure, signaling a high degree of accountability towards stakeholders Solid ESG risk management at the governance level, above average Strong integration of the corporate sustainability strategy within the core business
Score/Rating	70/100	C (Prime Status)	4.5
Last Update	Oct-23	Apr-24	May-24

⁽¹⁾ Copyright ©2023 Morningstar Sustainalytics. All rights reserved. This section contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.