European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

Snam S.p.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB+ Outlook NEG 14.06.2021 17.06.2021
BBB+ Outlook NEG 24.11.2020 26.11.2020
BBB+ Outlook STA 22.10.2018 05.11.2018

News

  • 17.06.2021
    Creditreform Rating has confirmed the BBB+ unsolicited corporate issuer rating of Snam S.p.A. The negative outlook remains in place. The rating is based on the solid financial figures for the 2020 financial year and good cash flow generation, which comes almost exclusively from the Company´s regulated activities, as well as an overall stable development in the first quarter of 2021. Snam is of strategic importance for Italy and has a profile with low economic and financial risks, benefiting from an established regulatory framework in Italy. Based on our assessment of the direct and indirect shareholder structure and a certain degree of systemic relevance of Snam S.p.A., the essential relationship with the Italian government and thus the classification as a government-related 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. According to our sub-rating methodology for “Government Related Companies”, the corporate issuer rating of Snam S.p.A. is constrained to two notches above the sovereign rating of the Italian Republic (CRA: BBB- / negative as of 5 March 2021), which is also reflected in the negative outlook.
  • 26.11.2020
    Creditreform Rating has confirmed the unsolicited corporate issuer rating of Snam S.p.A. at BBB+ and changed the outlook from stable to negative. Based on our assessment of the direct and indirect shareholder structure and a certain degree of systemic relevance of Snam S.p.A., the essential 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 Snam 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). Therefore, a further downgrade of the Italian republic would currently lead to a downgrade of the corporate issuer rating of Snam S.p.A. As the outlook for the sovereign rating of the Italian Republic was changed to negative, we have adjusted the outlook for our corporate issuer rating of Snam S.p.A. accordingly. Due to the regulatory stability of the activities, a positive business development in 2019 and in the first nine months of the 2020 financial year, as well as the results from our analysis of the key financials, together with a good internal financing power and sufficient liquidity reserves, we have confirmed the rating of S.p.A. with BBB+.
  • 05.11.2018
    Creditreform Rating has carried out an unsolicited rating of Snam S.p.A. The rating has been set to BBB+ with stable outlook.