Moody’s rates Terna notes Ba1

Moody's Ratings said it assigned a Ba1 long-term rating to Terna SpA’s planned perpetual subordinated securities The size and completion of offering are the subject to market conditions.

“The Ba1 rating assigned to the hybrids is two notches below Terna's baa2 stand-alone baseline credit assessment (BCA), reflecting their deeply subordinated nature, ranking senior only to ordinary shares. The rating is in line with those of existing hybrid notes issued by Terna,” Moody’s said in a press release. The outlook is stable.

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