Cassa Depositi e Prestiti rating affirmed at BBB+ with stable outlook

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CDP rating affirmed BBB+

Highlights

Cassa Depositi e Prestiti SpA's Long-Term Issuer Default Rating is affirmed at 'BBB+' with a Stable Outlook by Fitch Ratings, reflecting continued extensive government backing.
Fitch highlights Italy's 'virtually certain' extraordinary support, including the Finance Ministry's 83% ownership and state guarantees on over 80% of CDP's total debt as of H1 2026.
CDP funds about 10% of Italy's EUR3 trillion public-sector debt for 2026, with Fitch stating that any sovereign rating change would likely mirror on CDP unless support metrics remain sufficient.

Government backing sustains rating profile

As reported by Fitch Ratings, Cassa Depositi e Prestiti SpA's Long-Term Issuer Default Rating is affirmed at 'BBB+' and its Short-Term IDR at 'F1', both with Stable Outlooks. The agency says the assessment is based on its view that CDP will remain one of Italy's most prominent government-related entities and that the Italian state will continue to provide extensive backing.

Fitch assesses extraordinary support from Italy to CDP as "Virtually certain", with a support score of 55 out of 60 under its government-related entities criteria. It points to the Finance Ministry's 83% ownership stake, board control and approval rights over business plans, while noting parliament oversight, frequent reporting to the ministry and supervision by the public-sector auditor.

The rating agency also highlights established support mechanisms, including access to European Central Bank liquidity facilities despite CDP not holding a bank licence, and statutory protections for its financial viability. Postal savings, which are state-guaranteed and represented more than 80% of CDP's total debt at the end of the first half of 2026, remain a key pillar of that support framework.

Systemic role ties CDP to Italy's sovereign standing

Fitch says CDP's policy role gives the state a very strong incentive to maintain support. The institution has a monopoly in issuing state-guaranteed savings bonds and savings accounts for retail clients, serves as a core national promotional institution and provides non-discriminatory funding access to Italian local and regional governments.

The agency adds that a default by CDP would risk wider disruption across Italy's public finance and savings system. Fitch says CDP funds about 10% of Italy's EUR3 trillion public-sector debt in 2026, and a failure would likely damage the sovereign's borrowing capacity, while also undermining confidence in state guarantees linked to the national credit and savings market, including EUR301 billion in postal savings at the end of the first half of 2026.

CDP's debt issuance and commercial paper programmes are rated at the same level as its issuer ratings. Fitch says any downgrade or upgrade of the Italian sovereign would be mirrored by a corresponding move on CDP, unless the state's guarantee of more than 75% of the institution's debt remains sufficient to preserve its current support assessment.

In our earlier coverage of sovereign resilience in a higher-rate environment, we noted that prolonged geopolitical tensions alongside elevated public spending are increasing refinancing and borrowing risks for governments. We highlighted that persistent inflation and higher debt-servicing costs can erode fiscal headroom, with emerging and frontier markets particularly exposed due to narrower revenue bases. The piece also explained how energy and food price shocks linked to major conflicts can further strain public finances and weigh on sovereign credit outlooks.

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