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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.

Group Debt as of 30 September 2019 


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
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.


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.

Standard & Poor's
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
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

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