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Financial assets at fair value through profit or loss | 12 Months Ended
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Dec. 31, 2022
Financial assets at fair value through profit or loss |
Financial assets at fair value through profit or loss | 7 F inancial assets at fair value through profit or loss
(€ million) |  | December 31, 2022 |  |  | December 31, 2021 |
Bonds issued by sovereign states |  | 1,244 |  |  | 1,149 |
Other |  | 5,243 |  |  | 5,152 |
Financial assets held for trading |  | 6,487 |  |  | 6,301 |
Other financial assets at fair value through profit or loss |  |  |  |  |  |
Other |  | 1,764 |  |  |  |
Total financial assets at fair value through profit or loss |  | 8,251 |  |  | 6,301 |
The Company has established a liquidity reserve as part of its internal targets and financial strategy with a view of ensuring an adequate level of flexibility to the Group development plans and of coping with unexpected fund requirements or difficulties in accessing financial markets. The management of this liquidity reserve is performed through trading activities with the aim of optimizing returns, within a predefined and authorized level of risk threshold, targeting the preservation of the invested capital and the ability to promptly convert it into cash. Financial assets held for trading include securities subject to lending agreements of €1,090 million (€1,398 million at December 31, 2021). The breakdown by currency is provided below:
(€ million) |  | December 31, 2022 |  |  | December 31, 2021 |
Financial assets held for trading |  |  |  |  |  |
Euro |  | 3,599 |  |  | 3,913 |
U.S. dollars |  | 2,885 |  |  | 2,336 |
Other currencies |  | 3 |  |  | 52 |
|  | 6,487 |  |  | 6,301 |
Other financial assets at fair value through profit or loss |  |  |  |  |  |
Euro |  | 1,201 |  |  |  |
U.S. dollars |  | 563 |  |  |  |
|  | 1,764 |  |  |  |
|  | 8,251 |  |  | 6,301 |
The breakdown by issuing entity and credit rating is presented below:
|  | Nominal value (€ million) |  |  | Fair Value (€ million) |  |  | Rating - Moody's |  |  | Rating - S&P |
Quoted bonds issued by sovereign states |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |  |  |  |  |
Italy |  | 152 |  |  | 148 |  |  | Baa3 |  |  | BBB |
United States of America |  | 301 |  |  | 300 |  |  | Aaa |  |  | AA+ |
Spain |  | 179 |  |  | 179 |  |  | Baa1 |  |  | A |
Chile |  | 125 |  |  | 120 |  |  | A2 |  |  | A |
France |  | 75 |  |  | 76 |  |  | Aa2 |  |  | AA |
Germany |  | 60 |  |  | 60 |  |  | Aaa |  |  | AAA |
Other (*) |  | 149 |  |  | 147 |  |  | from Aaa to A3 |  |  | from AAA to A- |
|  | 1,041 |  |  | 1,030 |  |  |  |  |  |  |
Floating rate bonds |  |  |  |  |  |  |  |  |  |  |  |
Italy |  | 205 |  |  | 207 |  |  | Baa3 |  |  | BBB |
Other |  | 7 |  |  | 7 |  |  | Aaa |  |  | AAA |
|  | 212 |  |  | 214 |  |  |  |  |  |  |
Total quoted bonds issued by sovereign states |  | 1,253 |  |  | 1,244 |  |  |  |  |  |  |
Other Bonds |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |  |  |  |  |
Quoted bonds issued by industrial companies |  | 1,210 |  |  | 1,195 |  |  | from Aa1 to Baa3 |  |  | from AA+ to BBB- |
Quoted bonds issued by financial and insurance companies |  | 804 |  |  | 762 |  |  | from Aaa to Baa3 |  |  | from AAA to BBB- |
Other bonds |  | 1,041 |  |  | 1,039 |  |  | from Aaa to Baa3 |  |  | from AAA to BBB- |
|  | 3,055 |  |  | 2,996 |  |  |  |  |  |  |
Floating rate bonds |  |  |  |  |  |  |  |  |  |  |  |
Quoted bonds issued by industrial companies |  | 643 |  |  | 647 |  |  | from Aa2 to Baa3 |  |  | from AA to BBB- |
Quoted bonds issued by financial and insurance companies |  | 998 |  |  | 988 |  |  | from Aa1 to Baa3 |  |  | from AA+ to BBB- |
Other bonds |  | 610 |  |  | 612 |  |  | from Aaa to Baa2 |  |  | from AAA to BBB |
|  | 2,251 |  |  | 2,247 |  |  |  |  |  |  |
Total other bonds |  | 5,306 |  |  | 5,243 |  |  |  |  |  |  |
Total other financial assets held for trading |  | 6,559 |  |  | 6,487 |  |  |  |  |  |  |
Other financial assets at fair value through profit or loss |  | 1,781 |  |  | 1,764 |  |  | Aaa |  |  | AAA |
|  | 8,340 |  |  | 8,251 |  |  |  |  |  |  |
(*) Amounts included herein are lower than €50 million. Other financial assets at fair value through profit or loss consisted of investments in Money Market funds. The fair value hierarchy is level 1 for €4,749 million and level 2 for €3,502 million. During 202 2, there were no significant transfers between the different hierarchy levels of fair value.

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