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   (P)Baa1 Negative
 Fitch Ratings   A- RWN   A- RWN

(*) Rating also assigned to the notes issued under Atlantia's €10bn Euro Medium Term Note Programme for which, since December 2016, Autostrade per l'Italia has substituted Atlantia as the issuer.