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 Baa1 rating with a stable outlook reflects the strength of its highly diversified business mix, characterised by a significant presence of low-risk regulated and quasi-regulated activities, capable of ensuring stable and resilient cash flows even in complex market environments.
The agency also recognises the effectiveness of Hera’s growth strategy, focused on small and medium-sized acquisitions, together with solid financial fundamentals and strong liquidity. Moody’s further notes that the Group’s exposure to more market-sensitive businesses, including volatility in Italian power prices, remains limited and well balanced within Hera’s overall portfolio.

Standard & Poor’s highlights that Hera’s business plan is aligned with the Group’s strategic priorities and preserves the quality of its business mix, thanks to the central role of the multi‑business model, which represents a competitive advantage and helps mitigate the overall business risk profile. In this context, regulated activities are expected to account for around 40% of EBITDA by 2029, supported by significant investments in networks. At the same time, a high level of investments and dividends is expected to lead to a gradual reduction in credit metrics, while remaining at solid levels, in line with management’s commitment to maintaining financial leverage under control. 

S&P has confirmed the BBB+ rating with a stable outlook, supported by the resilience of the business model, prudent financial management and the Group’s ability to maintain credit metrics consistent with the current rating level, now aligned with the Italian sovereign rating.

Page updated 13 May 2026