CREDIT RATINGS

_{*In May 2019, Moody's upgraded Leonardo's Baseline Credit Assessment (BCA) to ba1 from ba2 and affirmed the Ba1 Corporate Family Rating (CFR); Moody's stated that this review is not due to Leonardo's stand-alone credit rating but is the consequence of Italy's country downgrade}

_{**Outlook review by S&P is related to the possible consequences of the COVID-19 pandemic}