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Rating 1

The rating represents an assessment of the company's credit worthiness 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's Moody's

Last update: 10 June 2020
Long term: BBB/A-2
Outlook: Positive

Last update: 27 August 2020
Long term: Baa2
Outlook: Stable


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.

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Rating 2 accordion


Standard & Poor's Moody's
  Short term/
Long term
Outlook Report Long term Outlook Report
27/08/2020       Baa2 Stable Tipo di file: pdf
10/06/2020 BBB/A-2 Positive Tipo di file: pdf      
23/08/2019 BBB/A-2 Positive Tipo di file: pdf      
25/06/2019       Baa2 Stable Tipo di file: pdf
14/06/2019 BBB/A-2 Positive Tipo di file: pdf      
02/04/2019       Baa2 Stable Tipo di file: pdf
23/10/2018       Baa2 Stable Tipo di file: pdf
15/06/2018       Baa1 Under review Tipo di file: pdf
30/04/2018       Baa1 Negative Tipo di file: pdf
13/03/2018 BBB/A-2 Positive Tipo di file: pdf      
05/05/2017       Baa1 Negative Tipo di file: pdf
21/03/2017 A-2/BBB Stable Tipo di file: pdf      
12/12/2016       Baa1 Negative Tipo di file: pdf
12/08/2016 A-2/BBB Stable Tipo di file: pdf      
01/06/2016       Baa1 Stable Tipo di file: pdf
29/10/2015 A-2/BBB Stable Tipo di file: pdf      
03/06/2015       Baa1 Stable Tipo di file: pdf
19/12/2014 A-2/BBB Stable Tipo di file: pdf      
18/12/2014       Baa1 Negative Tipo di file: pdf
06/05/2014 A-2/BBB Stable Tipo di file: pdf      
03/12/2013       Baa1 Negative Tipo di file: pdf
12/07/2013 A-2/BBB Stable Tipo di file: pdf      
26/04/2013 A-2/BBB+ Negative Tipo di file: pdf      
26/11/2012       Baa1 Negative Tipo di file: pdf
27/09/2012 A-2/BBB+ Stable Tipo di file: pdf      
26/01/2012       Baa1 Negative Tipo di file: pdf
30/09/2011 A-2/BBB+ Stable Tipo di file: pdf      
27/07/2011       A3 Stable Tipo di file: pdf
30/07/2010       A3 Stable Tipo di file: pdf
23/06/2010 A-2/BBB+ Stable Tipo di file: pdf      
22/07/2009       A2 Negative Tipo di file: pdf
20/05/2009       A1 Negative Tipo di file: pdf
17/04/2009 A-/A-2 Negative Tipo di file: pdf      
17/06/2008 A/A-1 Negative Tipo di file: pdf      
20/02/2007 A/A-1 Stable Tipo di file: pdf      
26/01/2006 A+/A-1 Negative Tipo di file: pdf A1 Stable Tipo di file: pdf

 

 

Rating 3

Page update 28 August 2020

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