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Banca IMI/Intesa Sanpaolo Research Dept.
Credit Research Publications in Last 12M
2i Rete Gas
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
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 1
31/10/2017
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
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 2
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
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
Page 3
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
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
Page 4
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
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
Page 5
A2A
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
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
Page 6
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
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
Page 7
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
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
Page 8
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
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
Page 9
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
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
Page 10
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
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
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
Page 11
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
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
Page 12
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
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
Page 13
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
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
Page 14
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
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
Page 15
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
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
Page 16
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 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
Page 17
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
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
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
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
Page 18
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
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
Page 19
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
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
Page 20
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
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
Page 21
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
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
Page 22
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
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
Page 23
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
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
Page 24
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
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
Page 25
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
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
Page 26
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
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
Page 27
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
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
Page 28
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
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
Page 29
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
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
Page 30
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
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
Page 31
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
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 32
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 33
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 34
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 35
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 36
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 37
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 38
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 39
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 40
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 41
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
Subordinated High yield Upgraded Hold Antola Maria Grazia 6M
Hybrids High yield Confirmed Hold Antola Maria Grazia 6M
Covered Bonds Investment grade Upgraded Buy Antola Maria Grazia 6M
Senior Unsecured High yield Upgraded Buy 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 42
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 43
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 44
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 45
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 46
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 47
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 48
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
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
Page 49
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
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
Page 50
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
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
Page 51
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
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
Page 52
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
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
Page 53
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
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
Page 54
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
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
Page 55
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 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
Page 56
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
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
Page 57
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
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
Page 58
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
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
Page 59
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
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
Page 60
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
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
Page 61
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
Banco BPM
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
Page 62
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
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
Page 63
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
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
Page 64
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
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
Page 65
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
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
Page 66
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
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
Page 67
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
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
Page 68
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
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
Page 69
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
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
Page 70
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
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
Page 71
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
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
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
Page 72
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
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
Page 73
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
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
Page 74
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
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
Page 75
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
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
Page 76
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
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
Page 77
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
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
Page 78
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
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
Page 79
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
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
Page 80
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
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
Page 81
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
Enel
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
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
Page 82
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
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
Page 83
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
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
Page 84
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
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
Page 85
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
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
Page 86
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
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
Page 87
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
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
Page 88
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
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
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
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
Page 89
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
30/10/2017 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
Page 90
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
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
Page 91
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
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
Page 92
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
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
Page 93
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
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
Page 94
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
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
Page 95
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
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
Page 96
EXOR NV
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
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
Page 97
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
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
Page 98
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
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
Page 99
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
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
Page 100
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
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
Page 101
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
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
Page 102
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
Fiat Chrysler Automobiles
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
Page 103
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
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
Page 104
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
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
Page 105
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
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
Page 106
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
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
Page 107
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
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
Page 108
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
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
Page 109
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
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
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 110
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
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 111
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
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
Page 112
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
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
Page 113
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
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
Page 114
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
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 115
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
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 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 Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 116
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 Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 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 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 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
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 Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M
Page 117
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
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 Unsecured 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 Unsecured 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 Unsecured 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 Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 118
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 Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 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 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 Unsecured 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 Unsecured 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 Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 119
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 Buy Tronconi Maria Gabriella 6M
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 Unsecured 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 Unsecured 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 Unsecured 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 Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Page 120
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 Buy Tronconi Maria Gabriella 6M
Hybrids High yield Confirmed Hold 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 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 Unsecured 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
Page 121
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 Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M
Hybrids High yield Downgraded Hold 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 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
Page 122
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
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
Page 123
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
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
Page 124
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
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
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
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
Page 125
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
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
Page 126
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
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
Page 127
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
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
Page 128
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
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 129
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
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
Page 130
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
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
Page 131
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
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
Page 132
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
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
Page 133
Moby SPA
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 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 Unsecured 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 Unsecured High yield New Hold Nuredin Bedri 6M
Prysmian
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
Page 134
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
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
Page 135
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
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
Page 136
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
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
Page 137
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
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
Page 138
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
Saipem
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
Page 139
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
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
Page 140
Salini Impregilo
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
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
Page 141
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
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
Page 142
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
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
Page 143
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
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 144
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
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
Page 145
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
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
Page 146
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
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
Page 147
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
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
Page 148
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
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
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
Page 149
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
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
Page 150
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 151
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 152
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 153
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 154
Terna
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
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
Page 155
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
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
Page 156
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
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
Page 157
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
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
Page 158
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
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
Page 159
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
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
Page 160
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
UBI Banca
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
Page 161
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
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
Page 162
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
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
Page 163
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
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
Page 164
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
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
Page 165
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
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
Page 166
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
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 167
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 168
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 169
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 170
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 171
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 172
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 173
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 174
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 175
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 176
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 177
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 178
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 179
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 180
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
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
Page 181
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
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
Page 182
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
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
Page 183
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
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
Page 184
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
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
Page 185
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
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
Page 186
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
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 187
Banca IMI/Intesa Sanpaolo Research Dept.
Credit Research Publications in Last 12M
ReasonCirculation Date
Weekly/Monthly/Quarterly Credit Strategy Reports
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
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
Page 188
31/10/2017
ReasonCirculation Date
Weekly/Monthly/Quarterly Credit Strategy Reports
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
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
Page 189
ReasonCirculation Date
Weekly/Monthly/Quarterly Credit Strategy Reports
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
20/01/2017 Credit Market Strategies
13/01/2017 Credit Market Strategies
12/01/2017 Credit Market Opportunities
05/01/2017 Credit Market Strategies
16/12/2016 Credit Market Strategies
12/12/2016 Credit Market Strategies
02/12/2016 Credit Market Strategies
01/12/2016 Credit Market Opportunities
25/11/2016 Credit Market Strategies
Page 190
ReasonCirculation Date
Weekly/Monthly/Quarterly Credit Strategy Reports
18/11/2016 Credit Market Strategies
17/11/2016 Credit Market Opportunities
11/11/2016 Credit Market Strategies
04/11/2016 Credit Market Strategies
03/11/2016 Credit Market Opportunities
Page 191