Rating

On 21 November 2023, Moody’s has changed ACEA’s outlook from “negative” to “stable”. At the same time, the rating agency confirmed the “Baa2” long-term issuer rating and the “Baa2” senior unsecured rating, the “baa2” Baseline Credit Assessment, as well as the “(P)Baa2” rating assigned to the EMTN programme. The improvement in ACEA’s outlook follows the same trend recorded by the Italy’s sovereign debt announced on Friday 17 November 2023. The change also reflects the company’s “solid financial profile” and the fact that ACEA’s outlook was previously unfavourably affected by the negative outlook on the sovereign rating.

Fitch has improved ACEA's outlook to “Stable” from “Negative” and has confirmed its Long-Term Issuer Default Rating (IDR) and senior unsecured ratings at 'BBB+'. The outlook change mainly follows ACEA’s solid 2023 financial performance, improved working-capital management, and a clear target leverage set at a company-defined net debt/EBITDA up to 3.5x. The affirmation of the rating “BBB+” reflects ACEA's robust business model and strategy outlined in its 2024-2028 business plan, mainly focused on regulated water and electricity distribution as well as on incentivised waste treatment activities.

Find out the sustainability rating