Our financing strategy provides timely, cost efficient and secure financial resources to the Group.
The Group's policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. In respect of certain emerging markets, we may elect to borrow on a non-recourse basis.
Risk management is at the core of our financing policies. We use derivative instruments to manage our currency and interest rate risk and collateral support agreements to mitigate the credit risk of banking counterparts. Liquidity risk on long-term borrowings is managed by maintaining a disciplined maturity profile.
Our mid to long-term debt is primarily financed via corporate bonds programmes. Our short-term funding requirements are met through our commercial paper programme.
Debt issuance programme
We have two bond programmes to meet our medium to long-term funding requirements; a €30 billion euro medium-term note (EMTN) programme and a US shelf programme.
We have US commercial paper (USCP) and euro commercial paper programmes (ECP) of $15 billion and £8 billion respectively, which are available to meet short-term liquidity requirements.
Issuer Vodafone Group Plc ECP Programme volume £8bn USCP Programme volume $15bn Arranger - ECP The Royal Bank of Scotland ECP Dealers Barclays Capital, Citi, ING, The Royal Bank of Scotland, Societe General ECP Agent HSBC USCP Dealers Barclays Capital, BofA Merrill Lynch, Citi, Goldman Sachs, J.P. Morgan Cazenove USCP Agent Citibank
Our commercial paper programmes are supported by two syndicated revolving credit facilities for €3.86bn billion and US$3.94 billion.
Present rating and outlook
Rating agency Short term Long term Outlook Moody's P-2 Baa2 Negative
Fitch F-2 BBB+ Stable Standard and Poor's A-2 BBB+ Negative
Outlook as of February 2019