(Alliance News) - Moody's announced on Friday that it had affirmed Snam Spa's long-term rating of 'Baa2', revising the outlook to Positive from Stable.
The decision reflects the expectation of stronger financial metrics than previously anticipated by Moody's, combined with the revision of the minimum thresholds for a 'Baa1' rating following the recent termination of the agreement to acquire 24.99% of Viergas Gas Holding and the moderate improvement in the business profile.
Therefore, Snam's credit metrics could be consistent with a higher rating than its current positioning.
Luca Passa, CFO of Snam, said: "Following S&P's upgrade to 'A-' earlier this year, Moody's Positive outlook further confirms Snam's excellent credit profile and financial strength, combined with a growth trajectory."
"This recognition highlights our leadership in energy infrastructure, our strategic role in ensuring security of supply while supporting the path of energy integration, backed by stable and predictable cash flows from regulated activities."
Snam shares closed Friday up 0.7% at EUR5.55 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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