Ratings and debt programmes

Sources of financing

At 31 December 2019, the funding structure presented a part of 62.4% due to customers. A greater diversification of the funding mix is ​​expected, with the issue of 1.7 billion bonds over 3 years, to be carried out taking into account the evolution of volumes and the market context, and achieving a reduction in the cost of funding.

Funding (million Euro)

Sources of financing

2Q19

3Q19

4Q19

Customer deposits

5.069

5.257

5.286

Bonds

954

972

1.068

Factoring Securization

1.148

1.090

1.150

TLTRO

694

694

792

Other

88

220

167

Total

7.953

8.233

8.463

Rating Fitch

Fitch Rating Inc. assigns to the Company a Long-term Issuer Default Rating (IDR) of ‘BB+’, outlook negative.

For more details, please see the ratings agency’s press release, available at the site www.fitchratings.com.

Fitch

Outlook

M/L Termine

24 June 2020

Negative

BB+

Fitch

Francesca Vasciminno
Email: francesca.vasciminno@fitchratings.com

EMTN brochures

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Other prospectuses and documents

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