Fitch provides BBB to CDP RETI, bond

Fitch Ratings said it assigned CDP RETI SpA a long-term issuer default rating of BBB and an expected senior unsecured rating of BBB(EXP) to its upcoming bond.

The outlook on the long-term issuer default rating is stable.

Fitch said the ratings mainly reflect the holding profile of the company, whose dividend stream is inherently subordinated to the operating companies SNAM SpA and Terna SpA (BBB+/stable).

The agency considers SNAM's business and financial profile as broadly aligned with that of Terna. The ratings also take into account a one-notch uplift reflecting our view of the operating and strategic links between CDP RETI and Cassa Depositi e Prestiti (BBB+/stable) as strong.

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