Moody’s, Fitch rate TAP shareholder

Moody’s, Fitch rate TAP shareholder
# 30 June 2016 09:29 (UTC +04:00)

Baku - APA-Economics. Fitch Ratings has affirmed Italian utility Snam S.p.A.'s Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB+'. The Outlook on the IDR is Stable. The Short-term IDR has been affirmed at 'F2'.

The affirmation mainly reflects the company's positioning in the Italian regulated gas market, the fair regulatory system, confirmed also by the allowed rate of return set from 2016 and a balanced strategy. Fitch believes that Snam will at least partially use the increased headroom to pursue moderate external growth in line with the company's strategic approach.

Moody's Investors Service, (Moody's) has today affirmed the long-term Baa1 issuer and senior unsecured debt ratings of SNAM S.p.A. (Snam, Italy's largest gas infrastructure operator). Concurrently, Moody's also affirmed the company's (P)Baa1 EMTN programme rating. The outlook remains stable.


The TAP shareholders include SOCAR (20%), BP (20%), Snam (20%), Fluxys (19%), Enagas (16%), and Axpo (5%).

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THE OPERATION IS BEING PERFORMED