Credit Rating

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Credit Rating

The rating on Autostrade per l'Italia's creditworthiness issued by the three rating agencies - Standard & Poor's, Moody's and Fitch Ratings – is shown in the table below

	Issuer		*EMTN Programme (€7 miliardi)^()** Listing Particulars
Agency	Rating	Outlook	Rating	Outlook
Standard & Poor's	BBB-	Stable outlook	BBB-	Stable outlook
Moody's	-	-	Baa3	Stable outlook
Fitch Ratings	BBB	Stable outlook	BBB	Stable outlook

(*) 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. These notes have the same ratings of Autostrade per l'Italia's €7bn EMTN Programme.