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Second-Party Opinion Download

Project Details


Aeroporti di Roma Sustainability-Linked Financing Framework Second-Party Opinion (2021)


Aeroporti di Roma

Project Type

Sustainability Linked Bond or Note

Industry Group


Use of Proceeds

Clean transport



Evaluation Date

Apr 2021

Evaluation Summary

Sustainalytics is of the opinion that the Aeroporti di Roma Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2020. This assessment is based on the following:

Selection of Key Performance Indicators (KPIs)

Aeroporti di Roma S.p.A.’s Sustainability-Linked Financing Framework includes three KPIs: (i) Scope 1 and 2 CO2 emission (tonnes), (ii) ACA Level 4+ accreditation, and (iii) Scope 3 CO2 emission per passenger (excluding aircraft sources) (see Table 1). Sustainalytics considers KPI 1 to be adequate, and KPIs 2 and 3 to be strong based on their relevance to Aeroprti Di Roma S.p.A.’s business, their scope and applicability, and their clear and consistent definitions.

Calibration of Sustainability Performance Targets (SPTs)

Sustainalytics considers the SPTs to be aligned with the issuer’s sustainability strategy. Sustainalytics further considers the SPTs 1 to be ambitious, SPT 2 to be highly ambitious, and SPT 3 to be moderately ambitious based on their performance against the issuer’s historical performance as well as performance against peers and external contextual benchmarks.

Bond Characteristics

Aeroporti di Roma S.p.A. will link the bond’s financial/ structural characteristics to the achievement of the SPTs, namely increase in coupon rate or an equivalent premium payment. The penalty will be calculated following a step-up-mechanism linked with the non-achievement of one or more of the SPTs.


Aeroporti di Roma S.p.A. commits to report on an annual basis on its performance on the KPIs in its annual Sustainability Report published on the website. The reporting commitments are aligned with the Sustainability-Linked Bond Principles.


Aeroporti di Roma S.p.A. commits to have an external limited assurance conducted on its KPI performance at the communicated SPT deadline, which is aligned with market expectations.