Corporate Credit Rating for NAZIONE VERDE S.R.L.: B1- (Affirm)

Press release 5 June 2023

Solicited Corporate Credit Rating for NAZIONE VERDE S.R.L.: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of NAZIONE VERDE S.R.L. on the CRA website and the rating assigned to the entity is B1- (Affirm). The analysis revealed that the company has an adequate economic-financial situation with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

NAZIONE VERDE S.R.L. is a company founded in 2017 with the aim to invest in Green Economy and in the energetic redevelopment of public and private real estate assets. The company management intends to consolidate its position as a player in the industry while diversifying and expanding its business. With this in mind, the Company has already started major investments aimed at expanding the endowment of tangible assets, as well as founding the new subsidiaries that will play a role in the implementation of the renewable energy business, primarily the photovoltaic one. After a positive 2021FY, 2022FY confirmed the growing trend in business volume, with the turnover increasing by +93% YoY, standing at 26.9 mln euros.

Key Rating Assumptions

The Company NAZIONE VERDE S.R.L. presents an overall sufficient economic and financial situation. FY 2022 confirmed the growing trend in business volume, which marked a +21% YoY increasing revenues to 23.4 mln euros. Despite this, a significant increase in production costs (+179% YoY) caused a decrease in operating margins and net income (2.88 mln euros). Still, profitability indicators confirm fully adequate values. On the liquidity front, the Company shows balanced management both in static terms and in the cash flow dynamics. The analysis of cash flows shows how the Company - unlike in 2021 – in 2022 has been able to generate a positive and conspicuous operating cash flow (1.8 mln euro) which, together with the new financial resources arrived from the banking channel (3.75 mln euro), supported the investments aimed at expanding the endowment of tangible assets and founding the new subsidiaries. These new companies will play a key role in the development of the renewable energy business, primarily the photovoltaic one. Finally, regarding solvency, the Company shows a sufficient capitalization (6.68 mln euros); although the net debt increased in 2022, it still appears sustainable in relation to both shareholders' equity and EBITDA (4.86 mln euros). In addition to this, the Bank of Italy's Central Risks Report shows the correct management of credit lines. 

The Company was founded in 2017 and its management is currently focused on consolidating its role as a key player in the implementation of eco-bonus and sisma-bonus incentives, while diversifying and expanding its operations. In 2022, the Company strengthened its governance and control structure adding an administrative body and a supervisory body, both in a collegial form, and adopting the organizational model ex- 231/2001. The group structure appears lean: the control is attributable to five different physic persons, operating through the parent company NV Holding S.r.l. (69.92%). The Company holds 100% of the shares of six companies established in 2022 to develop the renewables business, as mentioned above. There are no black records regarding the Company, the shareholders, or the members of the governing body. 

The Company ranks better than the industry median both in terms of size and profitability, while has a poor positioning in terms of solvency. However, it is worth mentioning that the Company's leverage improved in FY2022 due to the strengthening of capitalization. The sector peer group manifests an adequate level of solvency and a good financial balance, while profitability grew during the last fiscal year

The construction sector and, more generally, the energy redevelopment of buildings is experiencing a period of recovery, although some critical issues have emerged and undermine the positive trend. On the other hand, the Italian macroeconomic forecasts envisage a modest growth in 2023, characterized by rising rates and inflation. However, this situation is expected to be followed by a period of growth above pre-pandemic levels. For this reason, macroeconomic forecast data could be revised upwards.

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.

Modefinance provided the rated company with ancillary services (ESG Assessment). Modefinance ensures that the provision of ancillary services does not present conflicts of interest with its credit rating activities.

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 – Elisa Graffi (Rating Analyst)

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