Creditreform Rating has set the unsolicited corporate issuer rating of Italgas S.p.A. at BBB+. The outlook is negative. Based on our assessment of the direct and indirect shareholder structure and an assumed degree of systemic relevance of Italgas S.p.A., which shows the close relationship with the Italian government and thus the classification as a state-affiliated company was decisive for the rating. The company operates mainly in Italy, which is why we consider the company to be dependent on the general economic situation in the country. The corporate issuer rating of Italgas S.p.A. is currently constrained to two notches above the sovereign rating of the Italian Republic (CRA: BBB- / negative as of August 21, 2020) according to our sub-rating methodology for Government-Related Companies. Therefore, a further downgrade of the Italian Republic would currently lead to a downgrade of the corporate issuer rating of Italgas S.p.A. As the current outlook for the sovereign rating of the Italian Republic is negative, we also derive a negative outlook for the corporate issuer rating of Italgas S.p.A. from this. Due to stable business development in 2019 and in the first nine months of the 2020 financial year, which is also reflected in the relevant financial indicators, as well as the state-regulated and therefore stable business activities, we have assigned Italgas S.p.A. a rating of BBB+.