Corporate Credit Rating 2025 for ACEA PINEROLESE ENERGIA SRL: B1+ (First Issuance)

modefinance has published on its website the Corporate Credit Rating (Solicited) of ACEA PINEROLESE ENERGIA S.R.L., assigning a rating of B1+ (First issuance). The analysis highlights that the company has an adequate financial position, appearing capable of withstanding adverse economic conditions in the medium and long term.

ACEA PINEROLESE ENERGIA S.R.L., established at the end of 2002, is a key player in the Pinerolo area in the supply of natural gas and electricity. Over the years, the company has expanded its operations to include the production and sale of renewable electricity, as well as energy efficiency services for residential buildings.

The Company’s solvency position is overall at an adequate level, with the main indicators showing improvement compared to the previous year. Net financial debt has also improved, as have the NFP/Equity and NFP/EBITDA ratios, which remain well below their respective critical thresholds. Liquidity management, although slightly deteriorated, remains sound. Lastly, profitability is supported by growing operating margins, resulting in an increase in net profit for the period and a strengthening of key profitability indicators.

Regarding the corporate governance structure, the Company has a single-person administrative body, while control and statutory audit functions are entrusted, respectively, to a board of statutory auditors and an independent auditing firm. ACEA PINEROLESE ENERGIA S.R.L., controlled by 47 municipalities in the Pinerolo area, also holds a minority stake in E-GAS S.R.L.

With regard to size positioning, the Company shows a strong standing in terms of revenue. In terms of solvency and profitability, it’s metrics are in line with the industry median, which can be considered indicative of a sufficient level in both areas.

As for the performance of the reference peer group, it shows adequate levels of capitalization throughout the entire period under review, along with contained and improving financial leverage during the 2023 fiscal year. Lastly, the financial position remains adequate, while profitability is satisfactory.

The fundamentals of the energy sector in Italy have improved, thanks to the stabilization of gas and energy prices, accompanied by a reduction in volatility compared to the record levels seen in 2022. However, the increasingly strategic role of LNG (liquefied natural gas) in the energy mix — accounting for 38% of the gas imported by the EU in 2024, up from 20% in 2021 — as a replacement for Russian pipeline gas, entails higher procurement costs and exposes Italy to the risk of potential price increases driven by global market dynamics (such as rising gas demand in Asia, changes in U.S. shale gas extraction policies, etc.).

At the macroeconomic level, GDP growth remained modest in 2024 due to tight financial conditions - with interest rates still high in the Eurozone - inflation hovering around 2%, which weighs on household spending and investment, and global growth potentially affected by heightened geopolitical tensions as well as a tightening of U.S. trade policy.

The present Corporate Credit Rating is issued by modefinance in accordance with EU Regulation No. 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 http://cra.modefinance.com/en

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 http://cra.modefinance.com/en/methodologies.

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 company purchased ancillary services from modefinance (preliminary rating). Modefinance guarantees that this purchase of ancillary activities does not constitute any conflict of interest.

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 - Tommaso Viola, Rating Analyst
tommaso.viola@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com