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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.

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

Rating/outlook history


Italy, Republic of

Standard & Poor's
Rating Date Action Prev.
BBB / Stab 27/10/2017 Upgrade BBB- / Stab
BBB- / Stab 05/12/2014 Downgrade BBB / Neg
BBB / Neg 09/07/2013 Downgrade BBB+ / Neg
BBB+ / Neg 16/01/2012 Downgrade A / Neg
A / Neg 19/09/2011 Downgrade A+ / Neg
A+ / Neg 19/10/2006 Downgrade AA- / Neg
 
Moody's
Rating Date Action Prev.
Baa2 / Neg 25/05/2018 Under Review Baa2 / Neg
Baa2 / Neg 07/12/2016 Outlook Change Baa2 / Stab
Baa2 / Stab 14/02/2014 Outlook Change Baa2 / Neg
Baa2 / Neg 13/07/2012 Downgrade A3 / Neg
A3 / Neg 14/02/2012 Downgrade A2 / Neg
A2 / Neg 05/10/2011 Downgrade Aa2 / Neg
 
Fitch Ratings
Rating Date Action Prev.
BBB / Stab 21/04/2017 Downgrade BBB+ / Neg
BBB+ / Neg 21/10/2016 Outlook Change BBB+ / Stab
BBB+ / Stab 25/04/2014 Outlook Change BBB+ / Neg
BBB+ / Neg 08/03/2013 Downgrade A- / Neg
A- / Neg 27/01/2012 Downgrade A+ / Neg
A+ / Neg 07/10/2011 Downgrade AA- / Stab
 

Poste Italiane S.p.A.

Standard & Poor's
Rating Date Action Prev.
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
 
Moody's
Rating Date Action Prev.
Baa2 / Neg / P-2 30/05/2018 Under Review 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
 
Fitch Ratings
Rating Date Action Prev.
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 Stable 20/03/2018 20/03/2018
Moody's Baa2 P-2 Negative 30/05/2018 08/06/2018
Fitch Ratings BBB F2 Stable 04/05/2018 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 Stable 23/11/2017

(*) Rating on Subordinated bond: BBB-

© Poste Italiane 2018 - VAT registration number: 01114601006

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