Fitch upgrades Iren to BBB

Fitch Ratings said it upgraded Italian utility Iren SpA's long-term issuer default rating to BBB from BBB- and affirmed the senior unsecured rating at BBB.

The outlook on the issuer default rating is stable.

“The upgrade mainly reflects the company's sizeable outperformance of our expectations, the successful integration of some medium sized companies, the faster than expected achievement of synergies and the structurally positive free cash flows (FCF; cumulative around €320 million expected in the rating case in 2017-2022),” Fitch said in a news release.

“These factors have driven a sharp reduction of funds from operations (FFO) net adjusted leverage to an expected 4.7x for 2017 from 6.2x in 2014 (pro-forma).”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.