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 the credit profile of Hera S.p.A. (Baa2 positive) is supported by the company's diversified business mix; its portfolio of low-risk domestic fully regulated activities with limited price and volume exposure, underpinned by supportive and transparent regulatory frameworks; the contribution from quasi-regulated activities, which support cash flow stability; the company's strategy of growth through small and medium sized acquisitions mainly funded with exchange of shares; and its solid liquidity and financial profiles. These positives are balanced by Hera's exposure to the credit profile of the Government of Italy (Baa3 positive), because the company generates all its earnings domestically. From a financial perspective, Moody’s expect Hera to maintain its current solid financial and liquidity profiles.
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 30 May 2025