Corporate Credit Rating 2023 for METANO NORD HOLDING SRL: B1+(First Issuance)

Press release 26 July 2023

Solicited Corporate Credit Rating for METANO NORD HOLDING SRL: B1+ (First Issuance)

modefinance published the Solicited Corporate Credit Rating of METANO NORD HOLDING SRL on the CRA website and the rating assigned to the entity is B1+(first issuance). The analysis revealed that the Company has an adequate economic and financial situation and can face adverse economic conditions in the medium and long term.

METANO NORD HOLDING SRL is the leading company of the Metano Nord Holding Group, mainly active in the trade of electricity and natural gas, in the urban distribution of natural gas, and, to a lesser extent, in the construction and real estate sectors. The Group operates in the Italian market, particularly in the Lombardy region.. 

Key Rating Assumptions

The company presents an economic and financial situation characterized by quite satisfactory solvency levels and effective liquidity management. The profitability area, however, was penalized by the complex energy scenario of the 2022 year, as reflected by the rather low indicators’ values. Cash flows show a slight decrease in final liquid assets, attributable to the resource absorption by financing activities aimed at repaying financial liabilities. The cash flow from operating activities, supported by good self-financing and moderate resource absorption from working capital, ensures a commendable liquidity inflow. 

Metano Nord Holding S.r.l., which directly or indirectly controls five other capital companies, has an administrative body consisting of two directors and has assigned the control function to a sole auditor. The legal audit of the financial statements and consolidated financial statements is carried out by a specialized company. The governance and control structure can be considered adequate. 

The analysis of the peer group shows a progressive expansion of financial leverage and declining liquidity indicators. The profitability is still adequate but shows a marked deterioration. The company's positioning in terms of size and solvency is sound, while profitability is lower than the sector median.

The macroeconomic and geopolitical environment is still uncertain, although the first signs of improvement could lead to an upward revision of the economic forecast for the coming months. The energy sector, in which the main companies of the Group operate, has shown a price reduction and an improvement in stability in recent months. The outlook in the medium to long term appears in recovery.

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 1060/2009 and following amendments.

The present rating is solicited and is 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 at

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 at

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  a buyer of ancillary services provided by modefinance (preliminary rating). modefinance ensures that such situation does not imply a conflict of interest in the issuance of the present credit rating.

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 - Stefano Chirsich, Rating Analyst

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager