Corporate Credit Rating 2021 for GLOBAL POWER S.P.A. (Affirm)

Press release 3 December 2021

Solicited Corporate Credit Rating for GLOBAL POWER S.P.A.: B1- (Affirm)

modefinance published the review of the Solicited Corporate Credit Rating of GLOBAL POWER S.P.A. on its CRA website, and the rating assigned to the entity is B1- (Affirm). The analysis revealed it is an adequate company, with average capability of repaying financial obligations and little affected by the adverse economic scenario.

The Company GLOBAL POWER S.P.A. was founded in 2004 and operates in the energy sector, as a supplier of electricity and gas. The Company operates as a supplier of important Italian companies and public entities.

Key Rating Assumption

The Company confirms a sufficient economic and financial situation, characterized by low capitalization but increasing compared to the previous years.

The profitability area expresses a sufficient value. The cash flow analysis shows an improvement in operating cash flow, which is still yet inadequate to support investments activities. Bank of Italy’s Central Credit Register does not record disputes or serious anomalies in credit lines management.

The Company’s administration has a collegial form, composed almost exclusively of external figures; Global Power S.p.A. has a board of auditors and an external auditor firm as well.

The ownership of the Company is attributable to the Zoccatelli family; the Company is managed by a well-defined corporate structure. Regarding the entity’s size, the company shows a perfectly median positioning within the peer group, while solvency and profitability ratios are below the sector median, showing signs of weakness. The peer group recorded a downward trend in its solvency ratios, although they can still be considered adequate. The peer group’s liquidity indicators are stable and adequate, while profitability ratios slightly increased in 2019, showing an appropriate value.

The energy sector is currently experiencing an important transformation, gradually abandoning some historical sources in favor of renewable ones. Within this framework, the consumption of electricity will decrease in the following years. The abolition of the protected market will also increase the number of potential customers, although the granularity of the sector represents an important hurdle. Italy’s macroeconomic situation is significantly influenced by the pandemic, on which the domestic confinement decided by the Italian government seems to have had a fundamental impact.

Sensitivity Analysis

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized:


The present Corporate Credit rating is issued by modefinance under EU Regulation N. 1060/2009 and following amendments.

The present rating is solicited, and based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available here.

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available here. For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation. No amendments were applied after the notification process.

The rated entity is not a buyer of ancillary services provided by modefinance (credit risk software). The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.


Head Analyst – Fabio Politelli (Rating Analyst)
+39 040 3756740

Assistant Analyst – Stefania Latin (Rating Analyst)
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740