Moody's
 
Last rating action 21/11/2023
Last credit Opinion/Review 10/06/2024
Long-term Issuer Rating Baa2
Outlook Stable

Fitch Ratings
 
Last rating action 19/03/2024
Last review 19/03/2024
Long-term Issuer Default Rating BBB+
Outlook  Stable
Last credit opinion review 11/04/2024

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.

Historical table


Moody's
 

Ratings
 
Rating Action Date Outlook/Watch
LT Issuer rating (Domestic) Baa2 RATING AFFIRMATION 9 aug 2022 Negative
LT Issuer rating (Domestic) Baa2 RATING AFFIRMATION 8 aug 2019 Stable
LT Issuer rating (Domestic) Baa2 RATING AFFIRMATION 12 dec 2016 Stable
LT Issuer rating (Domestic) Baa2 RATING AFFIRMATION 24 jun 2015 Stable
LT Issuer rating (Domestic) Baa2 RATING AFFIRMATION 18 feb 2014 Stable
Senior Unsecured (Domestic) Baa2 RATING AFFIRMATION 9 aug 2022  
Senior Unsecured (Domestic) Baa2 RATING AFFIRMATION 8 aug 2019  
Senior Unsecured (Domestic) Baa2 RATING AFFIRMATION 12 dec 2016  
Senior Unsecured (Domestic) Baa2 RATING AFFIRMATION 24 jun 2015  
Senior Unsecured (Domestic) Baa2 RATING AFFIRMATION 18 feb 2014  
Senior Unsecured MTN (Domestic)  (P) Baa2 RATING AFFIRMATION 9 aug 2022  
Senior Unsecured MTN (Domestic)  (P) Baa2 RATING AFFIRMATION 8 aug 2019  
Senior Unsecured MTN (Domestic) (P) Baa2 RATING AFFIRMATION 12 dec 2016  
Senior Unsecured MTN (Domestic) (P) Baa2 RATING AFFIRMATION 24 jun 2015  
Senior Unsecured MTN (Domestic) (P) Baa2 NEW 7 jul 2014  

Fitch Ratings

Ratings Rating Action Date Outlook/Watch
Long-Term Issuer Default Rating BBB+ Affirmed 05 jul 2022  Stable
Long-Term Issuer Default Rating BBB+ Affirmed 14 jan 2021  Stable
Long-Term Issuer Default Rating
BBB+ Affirmed 12 may 2020  Stable
Long-Term Issuer Default Rating
BBB+ Affirmed 16 may 2019  Stable
Long-Term Issuer Default Rating BBB+ Affirmed 29 jan 2018  Stable
Long-Term Issuer Default Rating BBB+ Affirmed 03 aug 2016  Stable
Long-Term Issuer Default Rating BBB+ Affirmed 26 jun 2015  Stable
Long-Term Issuer Default Rating BBB+ Affirmed 06 nov 2014  Stable
Long-Term Issuer Default Rating BBB+ Affirmed 29 may 2014  Stable
Short-Term Issuer Default Rating F2 Affirmed 12 may 2020  
Short-Term Issuer Default Rating F2 Affirmed 16 may 2019  
Short-Term Issuer Default Rating F2 Affirmed 29 jan 2018  
Short-Term Issuer Default Rating F2 Affirmed 03 aug 2016  
Short-Term Issuer Default Rating F2 Affirmed 26 jun 2015  
Short-Term Issuer Default Rating F2 Affirmed 06 nov 2014  
Short-Term Issuer Default Rating F2 Affirmed 29 may 2014  

Highlights

Discover the latest news and initiatives of the Acea Group