The affirmation mainly reflects the company`s positioning in the Italian regulated gas market, the fair regulatory system, confirmed also by the allowed rate of return set from 2016 and a balanced strategy. Fitch believes that Snam will at least partially use the increased headroom to pursue moderate external growth in line with the company`s strategic approach.
Moody`s Investors Service, (Moody`s) has today affirmed the long-term Baa1 issuer and senior unsecured debt ratings of SNAM S.p.A. (Snam, Italy`s largest gas infrastructure operator). Concurrently, Moody`s also affirmed the company`s (P)Baa1 EMTN programme rating. The outlook remains stable.
The TAP shareholders include SOCAR (20%), BP (20%), Snam (20%), Fluxys (19%), Enagas (16%), and Axpo (5%).
Moody’s, Fitch rate TAP shareholder
30 June 2016
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Fitch Ratings has affirmed Italian utility Snam S.p.A.`s Long-term Issuer Default Rating (IDR) and senior unsecured rating at `BBB+`. The Outlook on the IDR is Stable. The Short-term IDR has been affirmed at `F2`.
