The credit ratings of Autostrade per l'Italia are as follows

    Issuer   EMTN Programme (€7miliardi)(*)
Agency   Rating Outlook   Rating Outlook
 Standard & Poor's   BBB+ Negative   BBB+ -
 Moody's   Baa1 Negative   Baa1 Negative
 Fitch Ratings   A- RWN   A- RWN

(*) Since December 2016 Autostrade per l'Italia has substitued Atlantia as the issuer of the bonds originally issued between 2004 and 2014 under the former Atlantia's EMTN Programme of Atlantia. These notes have the same ratings of Autostrade per l'Italia's €7bn EMTN Programme.