(Finance) – The Fitch rating agency today confirmed the long-term credit rating of Irene to “BBB” and the same rating is also attributed to the senior unsecured debt. At the same time, the Agency communicated that it had changed the outlook on the Company to “Stable” from “Positive”.
The confirmation of the “BBB” rating, explains a note, reflects the Group’s well-integrated and diversified business mix, mainly exposed to regulated and quasi-regulated activities. This, combined with prudent management and hedging strategy, allows for earnings stability even in the presence of energy market volatility. The Agency also assesses the Group’s liquidity profile as adequate.
Fitch also highlights the solid management conducted by the current Management which, despite the recent events relating to governance, has allowed the updating of the Industrial Plan to 2030 to be set up. The Plan envisages disciplined organic growth combined with
to the imminent integration of the Egea Group and sees Iren committed to maintaining the “BBB” rating with a solid and wide margin that allows it high financial flexibility.
The continuity of the Group’s financial policy remains consistent with the “BBB” rating and a “Stable” Outlook. The Agency, moreover, recognizes that Iren achieved better than expected results in 2023 and in the first months of 2024 with a positive trend expected in the 2024-2028 time frame.