Moody's on Dec. 12 changed the outlook on the ratings of Poste Italiane SpA to negative from stable, following the outlook change on the Italian government's Baa2 debt rating to negative from stable.

The outlook change reflects the close correlation between the credit quality of Poste Italiane and that of Italy's government. This is due to the firm's direct exposure to the country's macroeconomic situation, its large portfolio of Italian government bonds and the fact that the government is the company's largest customer and shareholder, among other factors.

The agency also affirmed Poste Italiane's Baa2 long-term issuer rating and its Prime-2 short-term issuer rating.