Fitch Rates Cassa Depositi E Prestiti's Commercial Paper Programme 'F2(EXP)'

Mon Apr 21, 2014 11:39am EDT

(The following statement was released by the rating agency) MILAN/FRANKFURT/LONDON, April 21 (Fitch) Fitch Ratings has assigned the Cassa Depositi e Prestiti (CDP; BBB+/Negative/F2) EUR3bn commercial paper (CP) programme an expected Short-term rating of 'F2(EXP)'. The assignment of the final rating is contingent upon the receipt of final documentation conforming to information already received. KEY RATING DRIVERS The CP programme's rating is aligned with CDP's Short term Issuer Default Rating (IDR) as the notes under the programme are expected to rank at least pari passu with all present and future unsecured and unsubordinated obligations of the issuer other than obligations mandatorily preferred by law applying to companies generally. The rating is assigned to the programme and not to the notes under the programme. Fitch expects the notes issued under the programme to rank equally with CDP's other unsubordinated obligations. The ratings of CDP reflect Fitch's expectation of a high probability of support from the Italian government in light of the latter's guarantee on the overwhelming majority of the issuer's liabilities and postal savings, as well as CDP's strong integration with government policy. CDP's prominent role in lending to both national and subnational governments makes its credit profile highly correlated with that of Italy's sovereign. RATING SENSITIVITIES Changes to CDP's Short term IDR would be mirrored in the CP programme's rating. For more information on the key sensitivities related to CDP's ratings, see "Fitch Affirms Italian CDP at 'BBB+', Outlook Negative" dated 29 November 2013 at www.fitchratings.com. Contact: Primary Analyst Raffaele Carnevale Senior Director +39 02 879087 203 Fitch Italia S.p.A. Via Morigi 6 - Ingresso Via Privata Maria Teresa, 8 20123 Milan Secondary Analyst Sergio Ciaramella Director +39 02 879087 216 Committee Chairperson Guido Bach Senior Director +49 69 768076 111 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com Applicable criteria, "Tax-Supported Rating Criteria", dated 14 August 2012, "International Local and Regional Governments Rating Criteria outside United States", dated 9 April 2013, are available at www.fitchratings.com. Applicable Criteria and Related Research: Tax-Supported Rating Criteria here International Local and Regional Governments Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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