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.
* 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
|Standard & Poor's||Rating||Outlook||S/T|
|Poste Italiane S.p.A.||BBB||Stab||A-2|
|Poste Italiane S.p.A.||Baa2,
|Rating Under Review||P-2
|Poste Italiane S.p.A.||BBB||Neg||F2|
|Poste Vita S.p.A.||BBB(*)||Neg||-|
(*) Rating on subordinated Bond: BBB-
Poste Italiane S.p.A.
|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|
|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|
|BBB / Neg / F2||07/09/2018||Outlook Change||BBB / Stab / F2|
|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, Possible Downgrade||P-2, Possible Downgrade||Ratings under Review||30/05/2018||08/06/2018|
Last Rating Actions on Subsidiaries
|Subsidiaries||Agency||Long term||Short term||Outlook||Rating action / Affirmation|
|Poste Vita||Fitch Ratings||BBB(*)||n-a||Negative||06/09/2017|
(*) Rating on Subordinated bond: BBB-