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The rating represents an assessment of the company's creditworthiness, and is provided by various independent international agencies.

Hera's official rating is assigned by the two leading specialised credit agencies: Moody's and Standard & Poor's.

Standard & Poor'sMoody's
 Short term d./
Long term d.
OutlookReportLong term d.OutlookReport
27/08/2020   Baa2StableTipo di file: pdf
10/06/2020BBB/A-2PositiveTipo di file: pdf   
23/08/2019BBB/A-2PositiveTipo di file: pdf   
25/06/2019   Baa2StableTipo di file: pdf
14/06/2019BBB/A-2PositiveTipo di file: pdf   
02/04/2019   Baa2StableTipo di file: pdf
23/10/2018   Baa2StableTipo di file: pdf
15/06/2018   Baa1Under reviewTipo di file: pdf
30/04/2018   Baa1NegativeTipo di file: pdf
13/03/2018BBB/A-2PositiveTipo di file: pdf   
05/05/2017   Baa1NegativeTipo di file: pdf
21/03/2017A-2/BBBStableTipo di file: pdf   
12/12/2016   Baa1NegativeTipo di file: pdf
12/08/2016A-2/BBBStableTipo di file: pdf   
01/06/2016   Baa1StableTipo di file: pdf
29/10/2015A-2/BBBStableTipo di file: pdf   
03/06/2015   Baa1StableTipo di file: pdf
19/12/2014A-2/BBBStableTipo di file: pdf   
18/12/2014   Baa1NegativeTipo di file: pdf
06/05/2014A-2/BBBStableTipo di file: pdf   
03/12/2013   Baa1NegativeTipo di file: pdf
12/07/2013A-2/BBBStableTipo di file: pdf   
26/04/2013A-2/BBB+NegativeTipo di file: pdf   
26/11/2012   Baa1NegativeTipo di file: pdf
27/09/2012A-2/BBB+StableTipo di file: pdf   
26/01/2012   Baa1NegativeTipo di file: pdf
30/09/2011A-2/BBB+StableTipo di file: pdf   
27/07/2011   A3StableTipo di file: pdf
30/07/2010   A3StableTipo di file: pdf
23/06/2010A-2/BBB+StableTipo di file: pdf   
22/07/2009   A2NegativeTipo di file: pdf
20/05/2009   A1NegativeTipo di file: pdf
17/04/2009A-/A-2NegativeTipo di file: pdf   
17/06/2008A/A-1NegativeTipo di file: pdf   
20/02/2007A/A-1StableTipo di file: pdf   
26/01/2006A+/A-1NegativeTipo di file: pdfA1StableTipo di file: pdf


Moody’s rating is based on the strong business profile of the company, with an extremely well-balanced portfolio of activities and highlights the high visibility of regulated activities, together with solid financial metrics.

The positive rating takes into consideration Hera's external growth strategy. This targets small local utilities and is executed through share swap agreements with no recourse to additional debt, therefore preserving the company's balance sheet strength. Moody's also notes that, historically, the company has been able to extract synergies from acquired entities. The rating agency expects Hera to continue to pursue such a growth strategy, maintaining the same credit-supportive features.
Furthermore, Hera's Baa1 rating factors in (1) the company's strong liquidity position, and (2) its sustainable debt structure, whose features include high duration, very limited refinancing needs for the next two to three years, and a level of leverage on assets and cash flows that is commensurate with Hera's business risk profile. The negative outlook on Hera's rating is in line with Moody's outlook on Italy's sovereign rating. This reflects Hera's exposure to the challenging economic situation in Italy and the additional pressures that it could exert on the company's financial and business risk profiles.

Standard & Poor’s stated that, despite Hera's increasing involvement in the riskier electricity generation and trading business and a very aggressive dividend policy, Hera deserves a positive rating thanks to its relatively strong business profile (underpinned by a well-balanced portfolio to which low-risk monopoly-regulated operations contribute about 60% of EBITDA) and its strong franchise in the wealthy and populated northern Italian Region of Emilia-Romagna.

Page updated 28 August 2020

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