As of 30 September 2019, structural financial debt of the Group towards third parties amounted to €223 million, consisting in a Private Placement issued by Poste Italiane SpA for €50 million and a loan granted by the EIB - European Investment Bank for €173 million (maturity date March 2026) aimed at financing some investment projects.
On the same date, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts for €801 million, and also has Italian Government Bonds (BTP) classified as HTCS (hold to collect and sale) for a total notional amount of €500 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 2019 the Poste Italiane SpA has Revolving Credit Facilities committed of €2 billion and short-term uncommitted credit lines of €903 million. All the credit lines, as of 31 March 2019, are fully undrawn.
On the same date, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts for €801 million, and also has Italian Government Bonds (BTP) classified as HTCS (hold to collect and sale) for a total notional amount of €500 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 2019 the Poste Italiane SpA has Revolving Credit Facilities committed of €2 billion and short-term uncommitted credit lines of €903 million. All the credit lines, as of 31 March 2019, are fully undrawn.
Group Debt as of 30 September 2019
(€/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.
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 | 173 | 12 March 2019 | 12 March 2026 | n.a. | Fixed |
| Private Placement | Private Issue (EMTN) |
50 | 25 Oct. 2013 | 25 Oct. 2023 | 100.00 | Fixed* |
* Floating rate swapped in to fixed
Poste Italiane SpA has an EMTN Programme listed on the Luxembourg Stock Exchange for a total amount of €2 billion. As of 30 September 2019, the amount of the bonds outstanding was €50 million, referred to a single Private Placement. The Base Prospectus has been updated on 18 July 2019 and supplemented on 8 October 2019.
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 |
(*) Ratings solicited
Rating/outlook history
Poste Italiane S.p.A.
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|
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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 |
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 | 03/03/2020 | 03/03/2020 |
| Moody's | Baa3 | P-3 | Stable | 23/10/2018 | 25/10/2019 |
