2i rete gas - intesa sanpaolo group€¦ · 18/09/2017 italian credit handbook investment grade...
TRANSCRIPT
![Page 1: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/1.jpg)
Banca IMI/Intesa Sanpaolo Research Dept.
Credit Research Publications in Last 12M
2i Rete Gas
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
18/10/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
03/10/2017 Investment grade Confirmed NeutralCommento Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
21/09/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 1
18/12/2017
![Page 2: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/2.jpg)
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/06/2017 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 2
![Page 3: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/3.jpg)
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Downgraded Hold Chiodini Alessandro 6M
13/12/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 3
![Page 4: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/4.jpg)
19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
22/04/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 4
![Page 5: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/5.jpg)
22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
06/10/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 5
![Page 6: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/6.jpg)
15/07/2015 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
A2A
30/11/2017 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
14/11/2017 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
03/10/2017 Investment grade Confirmed PositiveCommento Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 6
![Page 7: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/7.jpg)
18/09/2017 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
02/08/2017 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
04/07/2017 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
09/06/2017 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 7
![Page 8: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/8.jpg)
11/05/2017 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Upgraded Buy Chiodini Alessandro 6M
26/04/2017 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
05/04/2017 Investment grade Confirmed PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
01/03/2017 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2016 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 8
![Page 9: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/9.jpg)
13/12/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
09/12/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
14/11/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
03/11/2016 Investment grade Confirmed PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
29/09/2016 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Downgraded Hold Chiodini Alessandro 6M
Page 9
![Page 10: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/10.jpg)
19/09/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
04/08/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
07/07/2016 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
15/06/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
16/05/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 10
![Page 11: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/11.jpg)
14/04/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
07/04/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
22/12/2015 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 11
![Page 12: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/12.jpg)
13/11/2015 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
17/09/2015 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
03/08/2015 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
10/07/2015 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Acea
Page 12
![Page 13: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/13.jpg)
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
30/10/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
03/10/2017 Investment grade Confirmed NeutralCommento Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
01/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 13
![Page 14: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/14.jpg)
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
27/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 14
![Page 15: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/15.jpg)
14/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
07/02/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Downgraded Hold Chiodini Alessandro 6M
13/12/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 15
![Page 16: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/16.jpg)
11/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
03/08/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Page 16
![Page 17: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/17.jpg)
15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
27/05/2016 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
18/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Upgraded Buy Chiodini Alessandro 6M
22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 17
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04/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
16/11/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
29/07/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Chiodini Alessandro 6M
Page 18
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10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Aeroporti di Roma
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
13/11/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
Page 19
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30/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
07/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
Page 20
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18/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
16/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
16/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
09/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
28/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
Page 21
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26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
21/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
13/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 22
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14/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
03/11/2016 Investment grade Downgraded NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
21/10/2016 Investment grade No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
19/09/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
02/09/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 23
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05/08/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
07/07/2016 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
15/06/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
09/05/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
14/04/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 24
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22/03/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
07/03/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Downgraded Hold Tronconi Maria Gabriella 6M
22/12/2015 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
04/12/2015 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
09/11/2015 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
Page 25
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17/09/2015 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
04/08/2015 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
10/07/2015 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
Atlantia
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
Page 26
![Page 27: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/27.jpg)
13/11/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
20/10/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
07/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
Page 27
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23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
18/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
16/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
16/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
Page 28
![Page 29: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/29.jpg)
28/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
21/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
13/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 29
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09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
14/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
03/11/2016 Investment grade Downgraded NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
21/10/2016 Investment grade No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
19/09/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 30
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02/09/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
05/08/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
07/07/2016 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
15/06/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
09/05/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 31
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14/04/2016 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
22/03/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
07/03/2016 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Downgraded Hold Tronconi Maria Gabriella 6M
22/12/2015 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
04/12/2015 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
Page 32
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09/11/2015 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
17/09/2015 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
04/08/2015 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
10/07/2015 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
Autostrade per l'Italia
Page 33
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30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
13/11/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
31/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
07/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 34
![Page 35: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/35.jpg)
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
18/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
16/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
Page 35
![Page 36: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/36.jpg)
16/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
28/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
21/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
13/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M
Page 36
![Page 37: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/37.jpg)
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
14/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
03/11/2016 Investment grade Initiation of coverage NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield New Hold Tronconi Maria Gabriella 6M
Banca Monte dei Paschi di Siena
Page 37
![Page 38: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/38.jpg)
30/11/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
27/11/2017 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
08/11/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Page 38
![Page 39: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/39.jpg)
18/09/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
22/08/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
31/07/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Page 39
![Page 40: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/40.jpg)
20/07/2017 High yield Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Sen Govt GTD Investment grade New Buy Antola Maria Grazia 6M
Senior Unsecured High yield Downgraded Hold Antola Maria Grazia 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Unrated No action Under review Antola Maria Grazia 6M
Sen Govt GTD Unrated No action Under review Antola Maria Grazia 6M
Senior Unsecured Unrated No action Under review Antola Maria Grazia 6M
Subordinated Unrated No action Under review Antola Maria Grazia 6M
Hybrids Unrated No action Under review Antola Maria Grazia 6M
09/06/2017 High yield No action Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Unrated No action Under review Antola Maria Grazia 6M
Sen Govt GTD Unrated No action Under review Antola Maria Grazia 6M
Senior Unsecured Unrated No action Under review Antola Maria Grazia 6M
Subordinated Unrated No action Under review Antola Maria Grazia 6M
Hybrids Unrated No action Under review Antola Maria Grazia 6M
Page 40
![Page 41: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/41.jpg)
06/06/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds High yield No action Under review Antola Maria Grazia 6M
Sen Govt GTD High yield No action Under review Antola Maria Grazia 6M
Senior Unsecured High yield No action Under review Antola Maria Grazia 6M
Subordinated High yield No action Under review Antola Maria Grazia 6M
Hybrids High yield No action Under review Antola Maria Grazia 6M
05/05/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade No action Under review Antola Maria Grazia 6M
Sen Govt GTD Investment grade No action Under review Antola Maria Grazia 6M
Senior Unsecured High yield No action Under review Antola Maria Grazia 6M
Subordinated High yield No action Under review Antola Maria Grazia 6M
Junior Subordinated High yield No action Under review Antola Maria Grazia 6M
Hybrids High yield No action Under review Antola Maria Grazia 6M
Page 41
![Page 42: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/42.jpg)
26/04/2017 Unrated No action Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Unrated No action Under review Antola Maria Grazia 6M
Sen Govt GTD Unrated No action Under review Antola Maria Grazia 6M
Senior Unsecured Unrated No action Under review Antola Maria Grazia 6M
Subordinated Unrated No action Under review Antola Maria Grazia 6M
Hybrids Unrated No action Under review Antola Maria Grazia 6M
09/03/2017 High yield Confirmed Under reviewBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Under review Antola Maria Grazia 6M
Sen Govt GTD Investment grade New Under review Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Under review Antola Maria Grazia 6M
Subordinated High yield Confirmed Under review Antola Maria Grazia 6M
Hybrids High yield Confirmed Under review Antola Maria Grazia 6M
23/12/2016 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade No action Under review Antola Maria Grazia 6M
Senior Unsecured High yield No action Under review Antola Maria Grazia 6M
Subordinated High yield No action Under review Antola Maria Grazia 6M
Hybrids High yield No action Under review Antola Maria Grazia 6M
Page 42
![Page 43: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/43.jpg)
12/12/2016 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Sell Antola Maria Grazia 6M
Hybrids High yield Confirmed Sell Antola Maria Grazia 6M
09/12/2016 High yield No action Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Sell Antola Maria Grazia 6M
Hybrids High yield Confirmed Sell Antola Maria Grazia 6M
06/12/2016 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Downgraded Sell Antola Maria Grazia 6M
Hybrids High yield Downgraded Sell Antola Maria Grazia 6M
Page 43
![Page 44: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/44.jpg)
18/11/2016 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
25/10/2016 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
19/10/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 44
![Page 45: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/45.jpg)
04/10/2016 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Upgraded Buy Antola Maria Grazia 6M
Senior Unsecured High yield Upgraded Buy Antola Maria Grazia 6M
Subordinated High yield Upgraded Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
24/06/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Downgraded Sell Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 45
![Page 46: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/46.jpg)
15/06/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
06/05/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds High yield Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
14/04/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 46
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15/03/2016 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds High yield Confirmed Buy Antola Maria Grazia 6M
08/02/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
27/12/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 47
![Page 48: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/48.jpg)
18/12/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
04/12/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 48
![Page 49: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/49.jpg)
03/12/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
30/11/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
27/11/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Page 49
![Page 50: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/50.jpg)
09/11/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
17/09/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 50
![Page 51: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/51.jpg)
07/08/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
06/08/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Banca Popolare dell'Emilia Romagna
Page 51
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30/11/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
27/11/2017 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
09/11/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Upgraded Buy Antola Maria Grazia 6M
25/10/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 52
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18/09/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
04/08/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
09/06/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 53
![Page 54: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/54.jpg)
10/05/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
26/04/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds High yield Confirmed Hold Antola Maria Grazia 6M
09/12/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
04/10/2016 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 54
![Page 55: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/55.jpg)
19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
24/06/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
15/06/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
14/04/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 55
![Page 56: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/56.jpg)
15/03/2016 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds High yield Upgraded Buy Antola Maria Grazia 6M
27/12/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
04/12/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
03/12/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 56
![Page 57: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/57.jpg)
30/11/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated Investment grade Confirmed Hold Antola Maria Grazia 6M
27/11/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
17/09/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
13/08/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 57
![Page 58: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/58.jpg)
06/08/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Banca Popolare Di Milano
09/12/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Upgraded Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Sell Antola Maria Grazia 6M
09/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Sell Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Sell Antola Maria Grazia 6M
Page 58
![Page 59: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/59.jpg)
17/10/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Downgraded Sell Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Downgraded Sell Antola Maria Grazia 6M
04/10/2016 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 59
![Page 60: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/60.jpg)
24/06/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
15/06/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
19/05/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 60
![Page 61: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/61.jpg)
13/05/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
14/04/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
05/04/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 61
![Page 62: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/62.jpg)
22/03/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
15/03/2016 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds High yield Upgraded Buy Antola Maria Grazia 6M
11/02/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 62
![Page 63: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/63.jpg)
27/12/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
04/12/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
03/12/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 63
![Page 64: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/64.jpg)
30/11/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
27/11/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
13/11/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 64
![Page 65: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/65.jpg)
17/09/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
10/08/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
06/08/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 65
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Banco BPM
30/11/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Sell Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
27/11/2017 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Sell Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 66
![Page 67: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/67.jpg)
13/11/2017 High yield Upgraded NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Downgraded Sell Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
18/09/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
11/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 67
![Page 68: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/68.jpg)
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
09/06/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
26/04/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 68
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05/01/2017 High yield No action NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade New Hold Antola Maria Grazia 6M
Senior Unsecured High yield New Hold Antola Maria Grazia 6M
Subordinated High yield New Hold Antola Maria Grazia 6M
Hybrids High yield New Hold Antola Maria Grazia 6M
Banco Popolare
09/12/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Downgraded Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 69
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09/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
17/10/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Upgraded Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Upgraded Buy Antola Maria Grazia 6M
04/10/2016 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 70
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19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
24/06/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
Senior Unsecured High yield Downgraded Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Downgraded Hold Antola Maria Grazia 6M
15/06/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 71
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19/05/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
13/05/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
14/04/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 72
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05/04/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Upgraded Buy Antola Maria Grazia 6M
22/03/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Upgraded Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
15/03/2016 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds High yield Confirmed Buy Antola Maria Grazia 6M
Page 73
![Page 74: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/74.jpg)
12/02/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
27/12/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
04/12/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 74
![Page 75: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/75.jpg)
03/12/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Upgraded Hold Antola Maria Grazia 6M
Hybrids High yield Downgraded Hold Antola Maria Grazia 6M
30/11/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
27/11/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Page 75
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16/11/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
17/09/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
11/08/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Upgraded Buy Antola Maria Grazia 6M
Hybrids High yield Upgraded Buy Antola Maria Grazia 6M
Page 76
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06/08/2015 High yield Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Buzzi Unicem
30/11/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
18/09/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
04/08/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
Page 77
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04/07/2017 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
09/06/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
12/05/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
26/04/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
Page 78
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31/03/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
10/02/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
17/01/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Upgraded Buy Gavin Melanie Mai 6M
22/12/2016 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
09/12/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 79
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11/11/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
19/09/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
04/08/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
07/07/2016 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
15/06/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 80
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06/05/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
14/04/2016 High yield Confirmed PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
10/07/2015 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
CNH Industrial
30/11/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 81
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01/11/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
24/10/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
18/09/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
01/09/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
27/07/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 82
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04/07/2017 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
16/06/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Upgraded Buy Tronconi Maria Gabriella 6M
09/06/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
28/04/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 83
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26/04/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
13/02/2017 High yield Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
22/12/2016 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
09/12/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
01/11/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 84
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19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
27/07/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
07/07/2016 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
15/06/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
02/05/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 85
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14/04/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
01/02/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Upgraded Hold Tronconi Maria Gabriella 6M
22/12/2015 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M
04/12/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M
20/11/2015 High yield Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M
Page 86
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17/09/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M
30/07/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M
10/07/2015 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M
DEUTSCHE TELEKOM
30/11/2017 Investment grade Initiation of coverage NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade New Hold Gavin Melanie Mai 6M
Enel
Page 87
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05/12/2017 Investment grade Upgraded PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
10/11/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
03/10/2017 Investment grade Confirmed NeutralCommento Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Page 88
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18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
31/07/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Page 89
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09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
15/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
08/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Page 90
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20/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
10/02/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
22/12/2016 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Page 91
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13/12/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Page 92
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29/07/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
11/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Page 93
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14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
24/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Hybrids Investment grade Confirmed Buy Chiodini Alessandro 6M
29/02/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Downgraded Hold Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
10/02/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Page 94
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22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
19/11/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Page 95
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17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
31/07/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Upgraded Buy Chiodini Alessandro 6M
Hybrids High yield Confirmed Buy Chiodini Alessandro 6M
Eni
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 96
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30/10/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
01/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 97
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09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
11/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
02/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 98
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09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
31/10/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
01/08/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 99
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15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
02/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
05/04/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
30/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 100
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24/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
29/02/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
02/02/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 101
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30/10/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
28/10/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
06/10/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
17/09/2015 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 102
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30/07/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
EXOR NV
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
10/10/2017 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 103
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18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
31/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 104
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28/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
06/04/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
23/02/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 105
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09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
16/11/2016 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
30/08/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 106
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15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
26/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
09/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Downgraded Hold Tronconi Maria Gabriella 6M
15/04/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
Page 107
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30/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
21/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
10/11/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
Page 108
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07/10/2015 Investment grade Downgraded NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
17/09/2015 Investment grade Confirmed Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
28/08/2015 Investment grade Confirmed Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
04/08/2015 Investment grade Confirmed Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Upgraded Buy Tronconi Maria Gabriella 6M
10/07/2015 Investment grade Confirmed Under reviewCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M
Page 109
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Fiat Chrysler Automobiles
30/11/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
25/10/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
18/09/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
04/09/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 110
![Page 111: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/111.jpg)
28/07/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
04/07/2017 Investment grade Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
09/06/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
27/04/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 111
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26/04/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
10/04/2017 High yield Confirmed PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
26/01/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
13/01/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Downgraded Hold Tronconi Maria Gabriella 6M
22/12/2016 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 112
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09/12/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
30/11/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
26/10/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
19/09/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
28/07/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 113
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07/07/2016 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
15/06/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
11/05/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
27/04/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
14/04/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 114
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21/03/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
15/02/2016 High yield Confirmed PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
22/12/2015 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
04/12/2015 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
23/11/2015 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 115
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16/11/2015 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
29/10/2015 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
21/10/2015 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M
17/09/2015 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
31/07/2015 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 116
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10/07/2015 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Hera
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
09/11/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
03/10/2017 Investment grade Confirmed NeutralCommento Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 117
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18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
28/07/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
14/07/2017 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 118
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09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
13/12/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 119
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09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
10/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
02/08/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 120
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07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
12/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
23/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 121
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17/02/2016 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
12/11/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 122
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17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
27/08/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
IGT
05/12/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 123
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30/11/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
15/11/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
18/09/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
02/08/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
12/07/2017 High yield Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 124
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04/07/2017 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
09/06/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
26/05/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
26/04/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 125
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18/04/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
10/03/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Downgraded Hold Tronconi Maria Gabriella 6M
22/12/2016 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
09/12/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
22/11/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 126
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19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
29/07/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
07/07/2016 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
23/06/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
15/06/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 127
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27/05/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
15/04/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
14/04/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
23/03/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
22/12/2015 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Hybrids High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 128
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04/12/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Hybrids High yield Confirmed Hold Tronconi Maria Gabriella 6M
13/11/2015 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Hybrids High yield Confirmed Hold Tronconi Maria Gabriella 6M
17/09/2015 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Hybrids High yield Confirmed Hold Tronconi Maria Gabriella 6M
31/08/2015 High yield Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Hybrids High yield Downgraded Hold Tronconi Maria Gabriella 6M
Page 129
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10/07/2015 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Hybrids High yield Confirmed Buy Tronconi Maria Gabriella 6M
Italcementi
10/07/2015 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Italgas
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
24/10/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 130
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03/10/2017 Investment grade Confirmed NeutralCommento Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
03/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 131
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09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
01/06/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
08/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
27/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 132
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10/03/2017 Investment grade Initiation of coverage NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade New Hold Chiodini Alessandro 6M
Leonardo
30/11/2017 High yield Confirmed Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
10/11/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Downgraded Hold Tronconi Maria Gabriella 6M
27/10/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Upgraded Buy Tronconi Maria Gabriella 6M
Page 133
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18/09/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
31/07/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
04/07/2017 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
09/06/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 134
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24/05/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
04/05/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
26/04/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
17/03/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
27/02/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 135
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22/12/2016 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
09/12/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
04/11/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
31/10/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
27/09/2016 High yield Confirmed PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Downgraded Hold Tronconi Maria Gabriella 6M
Page 136
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19/09/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
29/07/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
07/07/2016 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
15/06/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
06/05/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 137
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14/04/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
18/03/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
22/12/2015 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
04/12/2015 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
04/11/2015 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 138
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17/09/2015 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
07/08/2015 High yield Upgraded PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
10/07/2015 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Mediaset
30/11/2017 Unrated No action Not assignedItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M
Page 139
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27/09/2017 Unrated No action Not assignedCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M
18/09/2017 Unrated No action Not assignedItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M
04/07/2017 Unrated Confirmed Not assignedCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Na Not assigned Gavin Melanie Mai 6M
23/06/2017 Unrated No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M
09/06/2017 Unrated No action Not assignedItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M
Page 140
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10/05/2017 High yield No action Not assignedCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M
26/04/2017 Unrated No action Not assignedItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M
19/01/2017 High yield No action Not assignedCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield No action Not assigned Gavin Melanie Mai 6M
22/12/2016 Unrated No action Not assignedCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M
09/12/2016 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Gavin Melanie Mai 6M
Page 141
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09/11/2016 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Gavin Melanie Mai 6M
28/10/2016 Unrated Initiation of coverage NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated New Hold Gavin Melanie Mai 6M
Moby SPA
15/12/2017 High yield Confirmed NegativeCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Nuredin Bedri 6M
30/11/2017 High yield Confirmed NegativeItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Nuredin Bedri 6M
Page 142
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18/09/2017 High yield Confirmed NegativeItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Nuredin Bedri 6M
12/09/2017 High yield Confirmed NegativeCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Nuredin Bedri 6M
28/07/2017 High yield Initiation of coverage NegativeCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield New Hold Nuredin Bedri 6M
Prysmian
04/12/2017 Unrated No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Downgraded Sell Nuredin Bedri 6M
Page 143
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30/11/2017 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
08/11/2017 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
18/09/2017 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
28/07/2017 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
04/07/2017 Unrated Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
Page 144
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23/06/2017 Unrated No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
09/06/2017 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
11/05/2017 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
26/04/2017 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
02/03/2017 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
Page 145
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22/12/2016 Unrated Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
19/12/2016 Unrated Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
09/12/2016 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
09/11/2016 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
Page 146
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29/07/2016 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
07/07/2016 Unrated Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
15/06/2016 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
11/05/2016 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
14/04/2016 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
Page 147
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25/02/2016 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
22/12/2015 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
04/12/2015 Unrated Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
06/11/2015 Unrated Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M
30/10/2015 Unrated Initiation of coverage NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Na Hold Nuredin Bedri 6M
Page 148
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Saipem
30/11/2017 High yield Confirmed NegativeItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
24/10/2017 High yield Confirmed NegativeCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
18/09/2017 High yield Confirmed NegativeItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
25/07/2017 High yield Confirmed NegativeCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 149
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04/07/2017 High yield Confirmed NegativeCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
09/06/2017 High yield Confirmed NegativeItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
08/06/2017 High yield Initiation of coverage NegativeCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield New Hold Gavin Melanie Mai 6M
Salini Impregilo
Page 150
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30/11/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Nuredin Bedri 6M
16/11/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Nuredin Bedri 6M
25/10/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Nuredin Bedri 6M
25/09/2017 High yield Upgraded PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Downgraded Hold Nuredin Bedri 6M
18/09/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
Page 151
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27/07/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
04/07/2017 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
09/06/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
19/05/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
Page 152
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26/04/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
24/02/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
22/12/2016 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
09/12/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Unrated Confirmed Buy Nuredin Bedri 6M
11/11/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
Page 153
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19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
28/07/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M
21/07/2016 High yield Initiation of coverage NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield New Buy Nuredin Bedri 6M
Snam
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 154
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08/11/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
03/10/2017 Investment grade Confirmed NeutralCommento Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
31/08/2017 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
27/07/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 155
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04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
05/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 156
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08/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
13/12/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
16/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 157
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29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
28/07/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
06/07/2016 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 158
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15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
13/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
21/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 159
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04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/11/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
29/10/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 160
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30/07/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Telecom Italia
06/12/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
30/11/2017 High yield Confirmed Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 161
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18/09/2017 High yield No action Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
14/09/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
11/08/2017 High yield Confirmed Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
25/07/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
13/07/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 162
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04/07/2017 High yield Confirmed Under reviewCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
09/06/2017 High yield No action Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
10/05/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
04/05/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 163
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26/04/2017 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
24/03/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
06/02/2017 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
22/12/2016 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
09/12/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 164
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08/11/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
19/09/2016 High yield Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
27/07/2016 High yield Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
19/07/2016 High yield Initiation of coverage NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield New Hold Gavin Melanie Mai 6M
10/07/2015 High yield Confirmed Not assignedCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Not assigned Gavin Melanie Mai 6M
Page 165
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Terna
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
13/11/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
03/10/2017 Investment grade Confirmed NeutralCommento Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 166
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04/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
30/06/2017 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 167
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10/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
16/03/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/02/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 168
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13/12/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
07/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 169
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01/08/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
05/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 170
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22/03/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
18/02/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
28/01/2016 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
11/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 171
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04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
04/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
29/07/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M
Page 172
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UBI Banca
30/11/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
27/11/2017 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
14/11/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Page 173
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18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
08/08/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Page 174
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09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
12/05/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Page 175
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13/01/2017 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Upgraded Buy Antola Maria Grazia 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
04/10/2016 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 176
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19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
24/06/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Downgraded Hold Antola Maria Grazia 6M
15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Page 177
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17/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield New Buy Antola Maria Grazia 6M
14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
15/03/2016 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
16/02/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Page 178
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27/12/2015 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
03/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
30/11/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Page 179
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27/11/2015 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
12/08/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured Investment grade Downgraded Hold Antola Maria Grazia 6M
06/08/2015 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Unicredit
Page 180
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15/12/2017 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
30/11/2017 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 181
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27/11/2017 Investment grade Confirmed PositiveBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
09/11/2017 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 182
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25/10/2017 Investment grade Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
18/09/2017 Investment grade Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 183
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07/09/2017 Investment grade Upgraded PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Downgraded Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
03/08/2017 Investment grade No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Downgraded Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 184
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23/06/2017 Investment grade No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
09/06/2017 Investment grade No action Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 185
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26/04/2017 Investment grade Confirmed Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
10/02/2017 Investment grade No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 186
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12/12/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 187
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11/11/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Upgraded Buy Antola Maria Grazia 6M
Subordinated High yield Upgraded Buy Antola Maria Grazia 6M
Junior Subordinated High yield Upgraded Buy Antola Maria Grazia 6M
Hybrids High yield Upgraded Buy Antola Maria Grazia 6M
04/10/2016 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 188
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19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Upgraded Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
24/06/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Downgraded Sell Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 189
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15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
12/05/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Upgraded Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Page 190
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14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
12/04/2016 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
15/03/2016 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Page 191
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27/12/2015 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
17/12/2015 Investment grade Confirmed NeutralCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Page 192
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04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M
Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
03/12/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M
Senior Unsecured Investment grade Downgraded Hold Antola Maria Grazia 6M
Subordinated High yield Downgraded Hold Antola Maria Grazia 6M
Junior Subordinated High yield Downgraded Hold Antola Maria Grazia 6M
Hybrids High yield Downgraded Hold Antola Maria Grazia 6M
27/11/2015 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M
Page 193
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17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
06/08/2015 Investment grade Confirmed NeutralBanking Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Page 194
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06/08/2015 Investment grade Confirmed NeutralCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M
Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M
Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M
Hybrids High yield Confirmed Buy Antola Maria Grazia 6M
Wind Tre
30/11/2017 High yield Confirmed Under reviewItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
08/11/2017 High yield No action Under reviewCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Downgraded Hold Tronconi Maria Gabriella 6M
Senior Secured High yield Confirmed Sell Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M
Page 195
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26/10/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield New Buy Tronconi Maria Gabriella 6M
Senior Secured High yield Downgraded Sell Tronconi Maria Gabriella 6M
Senior Unsecured High yield Downgraded Sell Tronconi Maria Gabriella 6M
18/09/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
01/09/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
03/08/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 196
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04/07/2017 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
23/06/2017 High yield No action No actionFocus PIR
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
09/06/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
10/05/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 197
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02/05/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
26/04/2017 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
24/02/2017 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
22/12/2016 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 198
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09/12/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
04/11/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
03/11/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
06/10/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 199
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19/09/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
02/09/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M
08/08/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Downgraded Hold Gavin Melanie Mai 6M
Senior Unsecured High yield Downgraded Hold Gavin Melanie Mai 6M
07/07/2016 High yield Confirmed PositiveCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
Page 200
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05/07/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
15/06/2016 High yield Confirmed PositiveItalian Credit Handbook
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
08/06/2016 High yield Confirmed PositiveCredit Flash
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Buy Gavin Melanie Mai 6M
Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M
25/05/2016 High yield Confirmed PositiveCredit Company Note
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield New Buy Gavin Melanie Mai 6M
Senior Unsecured High yield New Buy Gavin Melanie Mai 6M
Page 201
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10/07/2015 High yield Confirmed NeutralCorporate Sector Report
Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation
Reason Credit ViewCredit ActionIssuer RatingCirculation Date
Analyst
Investment Horizon
Investment Horizon
6M
Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M
Page 202
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Banca IMI/Intesa Sanpaolo Research Dept.
Credit Research Publications in Last 12M
ReasonCirculation Date
Weekly/Monthly/Quarterly Credit Strategy Reports
15/12/2017 Credit Market Strategies
06/12/2017 Credit Market Strategies
01/12/2017 Credit Market Strategies
24/11/2017 Credit Market Strategies
23/11/2017 Credit Market Opportunities
17/11/2017 Credit Market Strategies
10/11/2017 Credit Market Strategies
09/11/2017 Credit Market Opportunities
03/11/2017 Credit Market Strategies
27/10/2017 Credit Market Strategies
20/10/2017 Credit Market Strategies
13/10/2017 Credit Market Strategies
12/10/2017 Credit Market Opportunities
06/10/2017 Credit Market Strategies
29/09/2017 Credit Market Strategies
28/09/2017 Credit Market Opportunities
22/09/2017 Credit Market Strategies
15/09/2017 Credit Market Strategies
14/09/2017 Credit Market Opportunities
Page 203
18/12/2017
![Page 204: 2i Rete Gas - Intesa Sanpaolo Group€¦ · 18/09/2017 Italian Credit Handbook Investment grade Confirmed Neutral Financial Instrument Issue rating Invest Recommendation Action Investment](https://reader034.vdocuments.us/reader034/viewer/2022051917/6009cb8b50f42a7e5f3334fc/html5/thumbnails/204.jpg)
ReasonCirculation Date
Weekly/Monthly/Quarterly Credit Strategy Reports
08/09/2017 Credit Market Strategies
01/09/2017 Credit Market Strategies
31/08/2017 Credit Market Opportunities
04/08/2017 Credit Market Strategies
28/07/2017 Credit Market Strategies
27/07/2017 Credit Market Opportunities
21/07/2017 Credit Market Strategies
14/07/2017 Credit Market Strategies
13/07/2017 Credit Market Opportunities
07/07/2017 Credit Market Strategies
30/06/2017 Credit Market Strategies
29/06/2017 Credit Market Opportunities
23/06/2017 Credit Market Strategies
16/06/2017 Credit Market Strategies
15/06/2017 Credit Market Opportunities
09/06/2017 Credit Market Strategies
01/06/2017 Credit Market Strategies
01/06/2017 Credit Market Strategies
26/05/2017 Credit Market Strategies
25/05/2017 Credit Market Opportunities
19/05/2017 Credit Market Strategies
Page 204
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ReasonCirculation Date
Weekly/Monthly/Quarterly Credit Strategy Reports
12/05/2017 Credit Market Strategies
05/05/2017 Credit Market Strategies
27/04/2017 Credit Market Opportunities
21/04/2017 Credit Market Strategies
13/04/2017 Credit Market Strategies
07/04/2017 Credit Market Strategies
06/04/2017 Credit Market Opportunities
31/03/2017 Credit Market Strategies
24/03/2017 Credit Market Strategies
23/03/2017 Credit Market Opportunities
17/03/2017 Credit Market Strategies
10/03/2017 Credit Market Strategies
09/03/2017 Credit Market Opportunities
03/03/2017 Credit Market Strategies
24/02/2017 Credit Market Strategies
17/02/2017 Credit Market Strategies
16/02/2017 Credit Market Opportunities
10/02/2017 Credit Market Strategies
03/02/2017 Credit Market Strategies
02/02/2017 Credit Market Opportunities
27/01/2017 Credit Market Strategies
Page 205
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ReasonCirculation Date
Weekly/Monthly/Quarterly Credit Strategy Reports
20/01/2017 Credit Market Strategies
13/01/2017 Credit Market Strategies
12/01/2017 Credit Market Opportunities
05/01/2017 Credit Market Strategies
Page 206