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As of 31 March 31 2019, structural financial debt of the Group towards third parties amounted to €973 million, consisting in a Private Placement issued by Poste Italiane SpA for €50 million, a loan granted by the EIB - European Investment Bank for €173 million (maturity date March 2026) aimed at financing some investment projects and a subordinated bond issued by Poste Vita SpA for €750 million (maturity date 30 May 2019).

On the same date, the Mail, Parcels and Distribution segment of the Group has Liquidity for €599 million, invested in bank and postal current accounts, as well as in Italian Government Bonds (BTP) classified as HTCS (hold to collect and sale) for a total notional amount of €500 million. Such 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.

Furthermore, as of 31 March 2019 the Poste Italiane SpA has committed credit lines of €1,750 million and short-term uncommitted credit lines of €953 million. All the credit lines, as of 31 March 2019, are fully undrawn.

Group Debt (€/m)

Note: all values are expressed at nominal value and exclude leases deriving from the application of IFRS 16, 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 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*
Poste Vita
subordinated bond
Public Issue 750 30 May 2014 30 May 2019 99.597 2.875%

* 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 31 March 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.

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.

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
 
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
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 18/03/2019 18/03/2019
Moody's Baa3 P-3 Stable 23/10/2018 25/10/2019

© Poste Italiane 2019 - VAT registration number: 01114601006

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