Italgas, Moody’s confirms Baa2 rating with negative outlook

Medea Italgas Group becomes a shareholder with 49 of Energie

(Finance) – Moody’s has long-term creditworthiness confirmed from Italgas to Baa2with negative outlook. The certification of the rating is based on Italgas’ positioning within a sector characterized by a stable regulatory framework and on the demonstrated ability to generate operational efficiency and comply with the investment commitments set out in the Strategic Plan.

The outlook reflects theexposure of the group listed on Euronext Milan – the most important operator in Italy in the natural gas distribution sector – at pressures associated with the quality of Italian sovereign credit.

The rating agency highlights the track record of Italgas in cost optimization, achieved thanks to technological innovation and digitization initiatives, in addition to the ability to execute planned investments and the maintenance of an extremely low cost of debt, thanks to which it is able to support its profitability and robust cash generation capability.

Moody’s also underlines the strategic importance of the Greek acquisition DEPA Infrastructure to diversify its geographical footprint outside of Italy.