Moody's on Thursday affirmed its long-term issuer rating on Italgas (IG.MI) at Baa2 and changed the outlook to positive from stable.
The outlook revision reflects Moody's expectation that the Italian gas distributor will maintain its solid operational performance after announcing its strategic plan for the 2026 to 2032 period. The company's financial profile is expected to continue strengthening in the coming years and may lead to a rating upgrade, Moody's added.
The rating affirmation, meanwhile, is supported by the "limited complexity" in Italgas' new strategic plan, alongside its gas distribution focus in Italy and the country's regulatory framework, among others.