FS Italiane is active on debt capital markets through a medium-long term bond issuance programme (EMTN Programme).

Rating on FS Italiane is assigned by two of the major credit rating agencies.

Below you find the official credit rating assigned by the rating agencies - S&P’s and Fitch - on Ferrovie dello Stato Italiane’s creditworthiness.

AGENCY RATING

 

S&P GLOBAL RATINGS

Corporate Rating BBB

 

Outlook NEGATIVE

Stand Alone 

Credit Profile

 

bbb

Rating confirmed on September 30th 2019
AGENCY RATING

 

  FITCH RATINGS             

Corporate Rating BBB

 

Outlook NEGATIVE

Stand Alone Rating BBB
Rating confirmed on September 26th 2019

FS Italiane has a Euro Medium Term Notes (EMTN) Programme dedicated to institutional investors only, for a maximum total amount of € 7 billion. The Programme was listed on the Irish Stock Exchange in 2013 with an initial size of € 4.5 billion, increased up to 7 billion on 22 October 2018.

The EMTN Programme allows FS Italiane to diversify its funding sources, taking advantage of the opportunities offered by the capital markets through the issue of different type of bonds under the same documentation.

  

Notes issued off the Programme:

Series

ISIN Code

Issue Date

Maturity

Amount
(€ million)

Coupon

Final Terms

1

XS0954248729

22/07/2013

22/07/2020

750

4.00%

Final Terms (pdf)

2

XS1004118904

13/12/2013

13/12/2021

600

3.50%

Final Terms (pdf)

3 (a)

XS1339002500

12/01/2016

31/12/2025

300

Euribor 6M+1.15%

Final Terms (pdf)

4 (b)

XS1441161947

18/07/2016

18/07/2022

350

Euribor 6M+0.70%

Final Terms (pdf)

5 (b)

XS1455048139

25/07/2016

25/07/2031

50

1.65%

Final Terms (pdf)

6

XS1639488771

28/06/2017

27/06/2025

1000

1.50%

Final Terms (pdf)

7 (c)

XS1732400319

7/12/2017

7/12/2023

600

0.875%

Final Terms (pdf)

8 (a)

XS1740665663

21/12/2017

21/12/2025

100

Euribor 6M+0.78%

Final Terms (pdf)

9 (b) XS1799621369

26/03/2018

26/03/2030 200

Euribor 6M+0.982%

Final Terms (pdf)
10 (c) XS2026171079 09/07/2019 09/07/2026 700 1.125% Final Terms (pdf)
11 (b) XS2038721861 07/08/2019 07/08/2029 100 1.035% Final Terms (pdf)

a) Private placement subscribed by European Investment Bank

b) Private placement

c) Green Bond

Ferrovie strongly believes that rail and public transport are critical for sustainable development and global efforts to combat climate change, by facilitating the modal shift away from cars into less carbon intensive modes of transport.

Ferrovie has developed a Green Bond Framework which is in accordance with the  ICMA Green Bond Principles and which aims at financing projects with a positive impact in terms of environmental and social sustainability.

Green Bonds will be issued off FS’ EMTN Programme.

On 27 March 2018 has been established the Green Bond Working Committee to carry out and update the Green Bond Framework, specifically to identify and assess the Eligible Green Projects.

FS Italiane is the first Italian Issuer to obtain the Climate Bonds Initiative certification on a potential second green bond issuance. CBI is an international no-profit organization with the mission of encouraging a sustainable finance worldwide to fight the climate change.

This key certification, confirms the FS commitment on the environmental sustainability and full compliance of its investments programme with the ESG criteria.  

Green Bond Framework June 2019

First Green Bond November 2017