Rating risk

Moody’s confirmed a Baa1 rating for Snam’s long-term debt on 18 February 2014, raising the outlook from ‘negative’ to ‘stable’. This follows a similar revision of the outlook for Italian sovereign debt on 14 February.

On 9 December 2014, rating agency Standard & Poor’s downgraded Snam’s long-term credit rating by one notch, from BBB+ to BBB, with a stable outlook.

This followed a one-notch downgrade of Italy’s sovereign debt rating on 5 December 2014 from BBB to BBB-, with a stable outlook.

Snam’s long-term rating is a notch higher than that of Italy. Based on the methodology adopted by the rating agencies, a downgrade of one notch in Italy’s current rating would trigger a downward adjustment in Snam’s current rating by at least one notch.