Corporate Credit Rating 2024 for TREMAGI SRL: B1+ (Affirm)

Press release 13 June 2024

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

modefinance has published on the website the Corporate Credit Rating (Solicited) of TREMAGI S.R.L., assigning a rating of B1+ (Affirm). The analysis highlights that the company presents an adequate situation, being capable of facing adverse economic conditions in the medium and long term.

TREMAGI S.R.L. is the holding company at the head of the Tremagi Group, a significant entity in the Italian energy sector. The Group operates primarily in the national market and, alongside its traditional business of marketing electricity and natural gas, is starting to develop projects aimed at producing energy from renewable sources. Illumia S.p.A., a company acquired in 2010 and active since 2003 in the electricity trading segment, is the most prominent company within the Tremagi Group.

Key Rating Assumptions

At a consolidated level, TREMAGI S.R.L. demonstrates a broadly sufficient economic and financial situation characterized, in terms of solvency, by a balanced ratio between its own and third-party funds and by a highly sustainable financial exposure. The management of liquidity remains sound, while the growth of operating margins contributes to achieving adequate levels of profitability.

The cash flow from operating activities, thanks to robust self-financing and positive management of working capital, has independently supported investments and the repayment of financial liabilities, also contributing to the increase in final cash reserves. The management of credit lines, characterized by timely payments and the absence of financial strain, remains sound.

The governance and control structure is aligned with best practices. The company has appointed a collegial internal control body and a supervisory body in accordance with the regulations ex-231/2001, while the statutory audit of the financial statements has been entrusted to a specialized firm. The corporate structure remains complex but clear in roles and relationships.

A dimensional comparison with other companies in the reference peer group shows that the company’s positioning is adequate in terms of size, while its positioning regarding solvency and profitability is satisfactory. The reference peer group demonstrates an adequate state of health across all the analyzed areas.

The Russian-Ukrainian conflict has led Italy to a necessary reorganization of its supply sources and a greater impetus for the development of energy production from renewable sources. The macroeconomic outlook in the medium/long term appears to be appreciably improving today and is characterized by reduced uncertainty. Italian economic growth, significantly weakened by inflation and high interest rates, will be quite limited in 2024. However, in the medium/long term, the reduction of inflationary pressure will have positive effects on macroeconomic conditions.

Sensitivity Analysis

The following table lists the factors, actions, or events that could lead to a rating upgrade or downgrade:


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 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 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