Moody’s confirmed Edison rating at Baa3 with negative outlook, S&P downgraded Edison long-term rating to BBB- from BBB+ and the short-term rating to A-3 from A-2 with negative outlook.
Milan, May, 13 2016 – Following the conclusion of the rating review on Edison, Moody’s confirmed the company’s rating at Baa3. The international agency, that at the same time downgraded the parent EDF to A2, confirmed Edison credit profile. The assessment is based on the positive evaluation of the strengthening of Edison’s financial structure thanks to the ongoing debt reduction, and the improvement in the risk profile of its gas supply business, following the renegotiations and arbitrations of the gas import contracts. These positive elements mitigate the negative impact of the adverse market conditions on power and E&P activities.
The negative outlook mirrors that of the parent company and reflects the uncertainties of the future shape of Edison in the framework of the strategic review launched by EDF.
At the same time, in the context of the credit review of the EDF Group, Standard &Poor’s lowered Edison long-term rating to BBB- from BBB+ and the short-term rating to A-3 from A-2, with negative outlook.
The downgrade and the negative outlook result from S&P methodology, that, considering Edison as "highly strategic" for EDF, automatically lowers the subsidiary’s rating to equally reflect the weaker stand-alone credit profile of EDF. This downgrade is not based on a specific assessment of Edison credit profile, which has not been performed.
Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended.
Direzione Relazione Esterne Edison
Ufficio Stampa Edison:
T 02 6222 7331; E ufficiostampa@edison.it
Investor Relations Edison:
T 02 6222 8849; E investor.relations@edison.it
