Rating

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.

According to Moody’s, Hera’s credit profile is supported by a diversified business mix; a portfolio of fully regulated, low-risk domestic activities with limited exposure to price and volume volatility and underpinned by supportive and transparent regulatory frameworks; a meaningful share of regulated and quasi-regulated activities providing cash flow stability; a prudent growth strategy; and a solid liquidity and financial position. These strengths are partially offset by exposure to the macroeconomic cycle and competitive pressure in liberalised businesses and, to a limited extent, by energy price volatility.

Standard & Poor’s stated that Hera's business plan over 2024-2028 aligns with the company's core strategic priorities and preserves the business mix quality. Keeping a diversified multi-business portfolio remains among management's strategic priorities and is a key rating consideration, because it is a competitive advantage and limits the risk profile of the company's business mix. Furthermore, the management is committed to maintaining its reported leverage at or below 3x in company-defined terms. Following the recent positive rating action on Italy, the rating on Hera is at the same level as that on the sovereign.

Page updated 14 January 2026