Debt and ratings

Our debt is low cost, has a high average duration, and a high proportion of fixed-rate debt. We have an investment grade rating of Baa2 from Moody’s and BBB+ from Fitch.

Financial strategy

The financial strategy is one of the pillars of our 2022-2028 Strategic Plan. The financial efficiency programme that we are committed to achieving involves continuous focus on maintaining an optimally balanced debt structure, with the aim of preserving the cost of debt (currently just under 1%) at excellent levels.

We expect cash generation to remain robust during the strategic plan period, supporting both organic growth and dividend payments. We also expect that cash generation will allow us to maintain our current creditworthiness.

The debt structure is in line with:

  • Regulatory profile.
  • Limited exposure to interest rates.
  • Financial out-performance.
  • Control of refinancing risk.
  • Competitive cost of debt, in line with guidance.

Credit rating



Issuer rating

Issuer rating

Last updated: 9 August 2022

Last updated: 6 December 2021

Long-term: Baa2

Long-term: BBB+

Short term: not allocated

Short term: not allocated

Outlook: negative

Outlook: stable

Key debt ratios

Italgas already has an optimal financial structure, as proven by the ratio of Net Debt to RAB around 61.5%, a ratio of FFO to Net Debt slightly higher than 15%, a cost of debt of around 1%, and a weight of fixed-rate debt around 98%, which implies a limited exposure to interest rate volatility.

By keeping indicators at virtuous levels over the period covered by the Plan, Italgas expects to continue to benefit from rating metrics in the solid investment grade area. Notably, the Net Debt-to-RAB ratio is expected to remain consistently below 70% over the 2021-27 period.

Moreover, over the Plan period Italgas expects that significant operating cash flow will fully cover organic capital expenditure and a large part of dividend distribution, keeping the ratio of FFO to Net Debt well above the 10% level, which is the threshold defined by rating agencies for the classification of debt in the investment grade area.

A solid and efficient debt structure

billion euros excluding IFRS 16
Net financial position as at 31 December 2021.
Rate debt
Share of fixed-rate debt as at 31 December 2021.
Average debt
Average cost of debt as at 31 December 2021.

Italgas Debt Structure

Short/Medium-Long Term Debt

Fixed/Floating ratio

Debt Maturities

Debt profile by maturity (as at 31 December 2021)

 202220232024202520262027202820292030203120322033After 2033
Banking lines350.0  
 BEI 203225. 
 BEI 20358.
 BEI 2037
BEI TE 20318.
ESG Loans500.0
Bond 112.3 mln 0.5% Gen 2022112.3
Bond 381.3 mln 1.125% Mar 2024381.3
Bond 500 mln 0.250% Giu 2025 500.0
Bond 750 mln 1.625% Gen 2027 750.0
Bond 500 mln 0% Feb 2028500.0
Bond 750 mln 1.625% Gen 2029750.0
Bond 600 mln 0.875% Lug 2030600.0
Bond 500 mln 1% Dic 2031500.0
Bond 500 mln 0,5% Feb 2033500.0

Bond issues and bondholders

Since 2017 we have issued bonds for 4.5 billion euros.

Last update: