S&P changes Hera to positive

S&P said it revised its outlook on Hera SpA to positive from stable and affirmed the BBB/A-2 long- and short-term issuer credit ratings on the company.

The agency said the revision follows Hera's good operating performance in 2017, with reported EBITDA estimated at about €980 million and funds from operations to debt expected to be slightly above 23%. This is up from reported EBITDA of €917 million and adjusted FFO to debt of 21% in 2016.

“Hera's healthy growth prospects, combined with the sound implementation of its updated business plan, could lead to a sustainable improvement in credit metrics, with FFO to debt staying above 23%,” S&P said in a news release.

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