Overview -- In our view, Italy-based gas infrastructure group SNAM benefits from its generally low-risk and regulated gas operations and dominant position in the Italian natural gas market, offset by an ambitious capital expenditure plan and dividend policy. -- We consider SNAM to be a government-related entity and assess the likelihood of extraordinary support from its shareholder Cassa Depositi e Prestiti as moderate. -- We are assigning our 'A-/A-2' long- and shor