As of June 30th, 2018, structural financial debt of the Group towards third parties amounted to €1 billion, consisting in a Private Placement issued by Poste Italiane SpA for €50 million, a loan granted by the EIB - European Investment Bank for €200 million aimed at financing some investment projects and a subordinated bond issued by Poste Vita SpA for €750 million.
On the same date, the Mail, Parcels and Distribution segment of the Group has cash and cash equivalents for €863 million, invested in bank and postal current accounts, as well as in Italian Government Bonds (BTP) classified as HTCS, hold to collect and sale, with an average duration of 2.6 years and for a total notional amount of €500 million. This liquidity represents the Group's free liquidity generated by the company's self-financing capability, partly attributable to Poste SpA and partly deriving from the centralization of the Group liquidity and from the related cash pooling activity by the parent company.
In December 2016, an additional EIB credit line of €173 million was signed, granted for specific investment projects, currently completely undrawn, whose availability period expires in December 2019.
Furthermore, at 30 June 2018 the Parent Company has short-term uncommitted credit lines of €1,058 million.
On the same date, the Mail, Parcels and Distribution segment of the Group has cash and cash equivalents for €863 million, invested in bank and postal current accounts, as well as in Italian Government Bonds (BTP) classified as HTCS, hold to collect and sale, with an average duration of 2.6 years and for a total notional amount of €500 million. This liquidity represents the Group's free liquidity generated by the company's self-financing capability, partly attributable to Poste SpA and partly deriving from the centralization of the Group liquidity and from the related cash pooling activity by the parent company.
In December 2016, an additional EIB credit line of €173 million was signed, granted for specific investment projects, currently completely undrawn, whose availability period expires in December 2019.
Furthermore, at 30 June 2018 the Parent Company has short-term uncommitted credit lines of €1,058 million.
Group Debt (€/m)
Note: all values are expressed at nominal value and exclude current account deposits of BancoPosta, repurchase agreements, derivative financial instruments and other financial liabilities mainly referring to BancoPosta assets.
The current Group debt structure is 100% at a fixed rate, as shown in the graph below.
* Note: the €50 million Private Placement has been swapped into a fixed rate.
| (Euro m) | Category | Amount | Issue date | Maturity | Issue price | Rate |
|---|---|---|---|---|---|---|
| EIB loan | Bank loan | 200 | 23 March 12 | 23 March 19 | n.a. | Fixed |
| Private Placement | Private Issue (EMTN) | 50 | 25 Oct. 13 | 25 Oct. 23 | 100.00 | Fixed* |
| Poste Vita subordinated bond | Public Issue | 750 | 30 May 14 | 30 May 19 | 99.597 | 2.875% |
* Floating rate swapped into fixed
Poste Italiane SpA has an EMTN Programme listed on the Luxembourg Stock Exchange for a total amount of €2 billion. As of June 30th, 2018, the level of the bonds outstanding was €50 million, referred to a single Private Placement. The Base Prospectus has been updated on 12 July 2018.
Rating
| Standard & Poor's | Rating | Outlook | S/T |
|---|---|---|---|
| Poste Italiane S.p.A. | BBB | Neg | A-2 |
| Moody's | Rating | Outlook | S/T |
|---|---|---|---|
| Poste Italiane S.p.A. | Baa3 | Stab | P-3 |
| Fitch Ratings | Rating | Outlook | S/T |
|---|---|---|---|
| Poste Italiane S.p.A. | BBB | Neg | F2 |
| Poste Vita S.p.A. | BBB(*) | Neg | - |
(*) Under Criteria Observation. Rating on Subordinated Bond: BBB-
Rating/outlook history
Poste Italiane S.p.A.
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|---|---|---|---|
| Rating | Date | Action | Prev. |
| BBB / Neg / A-2 | 30/10/2018 | Outlook Change | BBB / Stab / A-2 |
| BBB / Stab / A-2 | 31/10/2017 | Upgrade | BBB- / Stab / A-3 |
| BBB- / Stab / A-3 | 12/12/2014 | Downgrade | BBB / Neg |
| BBB / Neg / A-2 | 16/07/2013 | Downgrade | BBB+ / Neg |
| BBB+ / Neg | 18/01/2012 | Downgrade | A- / Neg |
| A- / Neg | 07/12/2011 | Downgrade | A / Neg |
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|---|---|---|---|
| Rating | Date | Action | Prev. |
| Baa3/ Stab / P-3 | 23/10/2018 | Downgrade | Baa2 / Neg / P-2 |
| Baa2, Possible Downgrade / Ratings under Review / P-2, Possible Downgrade | 30/05/2018 | On watch - Possible Downgarde | Baa2 / Neg / P-2 |
| Baa2 / Neg / P-2 | 12/12/2016 | Outlook Change | Baa2 / Stab / P-2 |
| Baa2 / Stab / P-2 | 18/02/2014 | Outlook Change | Baa2 / Neg / P-2 |
| Baa2 / Neg / P-2 | 16/07/2012 | Downgrade | A3 / Neg |
| A3 / Neg | 16/02/2012 | Downgrade | A2 / Neg |
| A2 / Neg | 05/10/2011 | Downgrade | Aa2 / Neg |
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|---|---|---|---|
| Rating | Date | Action | Prev. |
| BBB / Neg / F2 | 07/09/2018 | Outlook Change | BBB / Stab / F2 |
| BBB / Stab / F2 | 08/05/2017 | Downgrade | BBB+ / Neg |
| BBB+ / Neg / F2 | 28/10/2016 | Outlook Change | BBB+ / Stab |
| BBB+ / Stab / F2 | 16/05/2014 | Outlook Change | BBB+ / Neg |
| BBB+ / Neg / F2 | 13/03/2013 | Downgrade | A- / Neg |
| A- / Neg | 08/02/2012 | Downgrade | A+ / Neg |
Last Rating Actions and P.I. Analysis
| Agency | Long term | Short term | Outlook | Rating action / Affirmation | Credit Opinion Report |
|---|---|---|---|---|---|
| Standard & Poor's | BBB | A-2 | Negative | 30/10/2018 | 30/10/2018 |
| Moody's | Baa3 | P-3 | Stable | 23/10/2018 | 26/10/2018 |
| Fitch Ratings | BBB | F2 | Negative | 07/09/2018 | 18/05/2018 |
Last Rating Actions on Subsidiaries
| Subsidiaries | Agency | Long term | Short term | Outlook | Rating action / Affirmation |
|---|---|---|---|---|---|
| Poste Vita | Fitch Ratings | BBB(*) | n-a | Negative | 15/01/2019 |
(*) Under Criteria Observation. Rating su Prestito Subordinato: BBB-
