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