Debt and ratings
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.
The financial strategy is one of the pillars of our 2020-2026 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.
Last updated: 3 December 2020
|Last updated: 3 December 2020|
Short term: not allocated
|Short term: not allocated|
Key debt ratios
A solid and efficient debt structure
Italgas Net Debt Structure (€ bn)
Short/Medium-Long Term Debt
Profilo del debito per scadenza
Debt profile by maturity (as at 31 December 2020)
|Uncommitted credit facilities||600||–||–||–||–||–||–||–||–||–||–||–||–||–||–|
|BEI TE 2031||4||8||8||8||8||8||8||8||8||8||8||4|
|Bond 268.5 mln 0.5% Jan 2022||268.5|
|Bond 480.9 mln 1.125% Mar 2024||480.9|
|Bond 500 mln 0.250% Jun 2025||500|
|Bond 750 mln 1.625% Jan 2027||750|
|Bond 750 mln 1.625% Jan 2029||750|
|Bond 600 mln 0.875% Jul 2030||600|
|Bond 500 mln 1% Dec 2031||500|