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European rating agency. Objective, transparent, independent.

Italgas S.p.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB+ Outlook STA 17.02.2022 22.02.2022
BBB+ Outlook NEG 17.01.2022 20.01.2022
BBB+ Outlook NEG 08.02.2021 11.02.2021

News

  • 22.02.2022
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of Italgas S.p.A. at BBB+. Creditreform Rating has also affirmed the unsolicited corporate issue rating of the long-term local currency senior unsecured notes issued by Italgas S.p.A. at BBB+. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings changed to stable from negative. For more details regarding the ratings, please refer to our press release below.
  • 20.01.2022
    Creditreform Rating (CRA) has confirmed the unsolicited corporate issuer rating of Italgas S.p.A. at BBB+ with a negative outlook. Our rating assessment reflects Italgas' strong market position and significant market share in gas distribution in Italy, positive business development in the first nine months of 2021, as well as the upcoming business expansion in the Greek market through the acquisition of DEPA Infrastructure S.A. Our assessment of the direct and indirect shareholder structure and an assumed degree of systemic importance for Italgas S.p.A. shows the close relationship with the Italian government and thus the classification as a state-affiliated company, which was decisive for the rating. The Corporate issuer rating of Italgas S.p.A. according to our sub-rating methodology for "Government-Related Companies" is currently constrained to two notches above the unsolicited sovereign rating of the Italian Republic (CRA: BBB- / negative as of March 5, 2021). Any change in the sovereign rating of the Italian Republic could affect Italgas S.p.A.'s corporate issuer rating.
  • 11.02.2021
    Creditreform Rating has set the unsolicited corporate issuer rating of Italgas S.p.A. at BBB+. The outlook is negative. Based on our assessment of the direct and indirect shareholder structure and an assumed degree of systemic relevance of Italgas S.p.A., which shows the close relationship with the Italian government and thus the classification as a state-affiliated company was decisive for the rating. The company operates mainly in Italy, which is why we consider the company to be dependent on the general economic situation in the country. The corporate issuer rating of Italgas S.p.A. is currently constrained to two notches above the sovereign rating of the Italian Republic (CRA: BBB- / negative as of August 21, 2020) according to our sub-rating methodology for “Government-Related Companies”. Therefore, a further downgrade of the Italian Republic would currently lead to a downgrade of the corporate issuer rating of Italgas S.p.A. As the current outlook for the sovereign rating of the Italian Republic is negative, we also derive a negative outlook for the corporate issuer rating of Italgas S.p.A. from this. Due to stable business development in 2019 and in the first nine months of the 2020 financial year, which is also reflected in the relevant financial indicators, as well as the state-regulated and therefore stable business activities, we have assigned Italgas S.p.A. a rating of BBB+.