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As of 30 September 2020, financial debt of the Group towards third parties amounts to €2,033 million, consisting in medium and long-term loans signed during 2020 for an amount of €750 million, use of short-term uncommitted credit lines during the period for €660 million, a Private Placement issued by Poste Italiane SpA of €50 million and two loans granted by the EIB - European Investment Bank, aimed at financing some investment projects, totaling €573 million.

On the same date, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts of €2,367 million, and has €500 million notional amount of Italian Government Bonds (BTP) classified as HTCS (hold to collect and sale) used for repurchase agreements of approximately €508 million. Such amounts represent 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.

Furthermore, as of 30 September 2020 Poste Italiane SpA has Revolving Credit Facilities committed of €1.75 billion fully undrawn and undrawn short-term uncommitted credit lines of about €360 million.

POSTE ITALIANE GROUP FINANCIAL DEBT AT 30/09/2020 (€/m)

Note: all amounts are expressed at nominal value and exclude leases deriving from the application of IFRS 16, funding from current account deposits of BancoPosta, repurchase agreements, derivative financial instruments and other financial liabilities mainly referring to BancoPosta RFC.

DEBT OUTSTANDING AT 30/09/2020
 
As of 30 September 2020, the financial Group debt structure is 63% at a fixed rate, as shown in the graph below.


FIX / FLOAT

Note: the €50 million Private Placement has been swapped into a fixed rate
REPAYMENT SCHEDULE​ (€/m)

€/m 2017 2018 2019 3Q2020
Use of uncommitted credit lines - - - 660
Medium and long-term loans - - - 750
Private Placement 50 50 50 50
EIB loans 400 200 573 573
Poste Italiane Bond 763 - - -
Poste Vita Bond 760 762 - -
GROSS FINANCIAL DEBT TOWARDS THIRD PARTIES 1,973 1,012 623 2,033
EQUITY 7,550 8,105 9,698 10,471
EBITDA* 1,668 2,068 2,548 2,194
DEBT/EQUITY 0.3 0.1 0.1 0,2
DEBT/(DEBT + EQUITY) 21% 11% 6% 16%
DEBT/EBITDA  1.2x 0.5x 0.2x 0.9x
Mail, Parcels and Disribution's cash and cash equivalents 1,997 973 851 2,367

* = EBITDA 3Q LTM

Poste Italiane SpA has an EMTN Programme listed on the Luxembourg Stock Exchange for a total amount of €2 billion. As of 30 September 2020, the amount of the bonds outstanding is of €50 million, referred to a single Private Placement. The Base Prospectus has been updated on 6 November 2020 and supplemented on 30 November 2020.


Rating

Standard & Poor's Rating Outlook  S/T
Poste Italiane S.p.A. BBB Stab A-2
 
Moody's Rating Outlook  S/T
Poste Italiane S.p.A. Baa3 Stab P-3 

(*) Ratings solicited

Rating/outlook history
 

Poste Italiane S.p.A.

Standard & Poor's
Rating Date Action Prev.
BBB / Stab / A-2 27/10/2020 Outlook Change BBB / Neg / A-2
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
 
Moody's
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
 


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 30/03/2021 30/03/2021
Moody's Baa3 P-3 Stable 23/10/2018 23/10/2020