Agency ratings

Table no. 52 – 2023 rating

Moody’s changed the outlook from negative to stable. Furthermore, the ratings agency confirmed the long-term issuer rating and the senior unsecured rating at the level “Baa2”, the Baseline Credit Assessment at the level “Baa2”, and also the “(P)Baa2” level as- signed to the EMTN programme. The improvement in the outlook is in line with the trend seen for Italian sovereign debt and reflects the Company's “solid financial profile”.

Fitch confirmed the “BBB+” rating and changed the outlook from stable to negative, reflecting expectations about increased leverage relative to 2022, due to absorption of cash due to working capital trends and the acceleration of investment by the Group. The confirmation of the BBB+ rating reflects Acea's strategic focus on regulated activities, together with the solidity of operating management.