(Finance) – The rating agency Standard & Poor’s Global Ratings (S&P) has revised upwards the Group’s long-term credit rating Iren changing it to “BBB” Outlook “Stable” from the previous “BBB-” Outlook “Positive”. The same rating is also assigned to senior unsecured debt.
The improvement in the rating judgment by S&P analysts – explains a note – “reflects the business model resilience of the Group demonstrated during 2022 and the update of the strategic plan to 2030 which provides for a significant positioning in regulated businesses to support the stability of future cash flows”.
The stable outlook “also reflects the expectations of S&P analysts regarding the commitment of Iren’s management to maintain the current rating level and its balanced financial policy”.
From a financial point of view, the assigned rating also expresses the status of good liquidity of the Groupwith strong credibility on the capital market.
“A very important result – he comments Gianni Vittorio Armani, Chief Executive Officer and General Manager of Iren – obtained thanks to the financial discipline maintained by the Group in carrying out the high volume of investments, which in 2022 was approximately 1.5 billion euros (gross investments +56% against 2021). The positive results of last year (ordinary EBITDA at 1.06 billion euros +6.4% against 2021), obtained in a context of high complexity, confirmed the effectiveness of the Group’s strategy, which has growth in renewable energies, strengthening its leadership in the circular economy and growth in regulated activities as its main objectives. These elements have been expressly appreciated by the rating agency, together with the demonstrated credibility of knowing how to implement them while preserving financial balance”.