Corporate Credit Rating 2023 for TREMAGI SRL: B1+ (Upgrade)

Press release 28 June 2023

Solicited Corporate Credit Rating for TREMAGI SRL: B1+ (Upgrade)

modefinance published the Solicited Corporate Credit Rating of TREMAGI SRL on the CRA website and the rating assigned to the entity is B1+ (Upgrade). The analysis revealed that the Company presents an adequate situatio and is able to cope with adverse economic conditions in the medium and long term.

TREMAGI S.R.L. is a holding company established in 2009 and active in the energy sector that leads the Group of the same name. The Company operates in electricity and gas sales, working with wholesalers, resellers and final customers, thus diversifying its business through the different subsidiaries. The most significant company in Tremagi Group in terms of contribution to the Group’s results and experience, is Illumia S.p.A., a company acquired in 2010 and active since 2003 in the electricity trading. 

Key Rating Assumptions

The economic and financial situation of TREMAGI SRL is improving, with increased risk coverage by shareholder funds and expanding margins. The liquidity management appears correct from a static perspective, with a strengthened current ratio. From a dynamic point of view, a balanced cash flow is noted, thanks to the new resources raised from the financial system that independently cover the investments made. The short-term financial resources cover in turn the absorption of resources generated by the working capital, which does not affect the significant operating flow. 

The management of existing credit lines appears correct, as highlighted by the timely payments and the absence of financial tension. 

The governance and control structure reflect the best practices, featuring an internal control body in collegial form flanked by an external control body. The certification of the financial statements is entrusted to an auditing firm. In addition, the Company also has a supervisory body as per ex-231/2001 regulation. The group structure is articulated but clear in roles and relationships. 

When compared to the peer group, the Company's positioning is close to the 60th percentile in terms of size, while it perfectly aligns with the 60th percentile in terms of solvency. The benchmark peer group expresses adequate performances across all areas of analysis considered

The Italian energy sector is going through a period of high uncertainty, characterized by geopolitical tensions and high inflation. However, the overall state of health of the sector improved in recent months, suggesting a medium/long-term outlook in recovery. The macroeconomic framework for Italy projects modest growth in 2023, mainly driven by the investments operated thanks to the EU funds. However, the macroeconomic forecasts could be revised upward.

Sensitivity Analysis

In the following table, the addressing factors, actions or events that could lead to a rating 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.

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 – Christian Raimondo (Rating Analyst)

Responsible for Rating Approval – Pinar Dilek (Rating Process Manager)