Moody’s rates CDP RETI notes Baa3

Moody's Investors Service said it assigned a definitive Baa3 rating to the €750 million senior unsecured notes issued by CDP RETI SpA, the holding company owning 29% and 30% stakes in the two main Italian gas and electricity transmission system operators, SNAM SpA and Terna SpA, respectively.

The outlook is stable, in line with that of CDP RETI's issuer rating.

The definitive Baa3 rating is aligned with CDP RETI's issuer rating. Moody’s said the Baa3 issuer rating reflects the stable and predictable cashflows and moderate leverage of SNAM and Terna, mitigated by the fact that CDP RETI will only benefit from these cashflows in proportion to its ownership and in the form of dividends, and the structurally subordinated nature of the additional debt at CDP RETI's level.

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