ESA SRL Corporate Credit Rating: B1- (First Issuance)

Press release 19 May 2022

modefinance published the Solicited Corporate Credit Rating of ESA S.R.L. on its CRA website and the rating assigned to the entity is B1- (First Issuance).
The analysis revealed an adequate company, with average capability of repaying financial obligations and little affected by adverse economic scenarios.

ESA S.R.L. is part of the ESA Group dealing with the purchase of electricity and gas. The company is owned by SH PARTECIPAZIONI S.R.L. and also holds a stake in CONSORZIO APPALTI ITALIA. During the financial year, precisely on 09/09/2021, the company acquired APLOS S.P.A., active in the electricity and gas sector. The ESA Group's experience in selling electricity and natural gas began in 2005, in order to let the users’ take advantage of the gas and electricity markets’ liberalization. The Company was founded following the Unbundling, i.e. the obligation of functional unbundling of production and distribution activities from the sale of electricity and natural gas imposed on all companies that, in compliance with the legislative decrees in force, had to unbundle their production and distribution activities from their sales activities.

Key Rating Assumptions

The company's overall economic and financial situation is sufficient, characterized by high but sustainable solvency as at 31 December. Liquidity maintains positive values thanks to a positive monetary cycle. Profitability shows strong expansion, leading to good values and indicative of a correct performance. Despite a difficult environment due to the pandemic emergency resulting from COVID-19, the company showed positive signs of maintaining its main economic and financial indicators. The analysis of cash flows shows that the 2021 operations were balanced overall, with cash equivalents growing, thanks to the contributions from credit institutions. The increase in raw material prices altered the management of working capital, with management already aware and prepared on the operational dynamics to be implemented. 

The company is wholly owned by SH PARTECIPAZIONI S.R.L. and also holds a shareholding in CONSORZIO APPALTI ITALIA. During the financial year, and precisely on 09/09/2021, the Company acquired the company APLOS S.P.A., which operates in the electricity and gas sector. Since the ESA Group has only been active for three months, the effects of this acquisition will be more evident in the financial year 2022. ESA S.R.L. has an administrative body lacking collegiality and whose functions are concentrated in the figure of the sole director. SH PARTECIPAZIONI S.R.L. recently approved the intention to set up a Board of Directors in the companies of the Light and Gas BU (main business of the group). This decision will bring ESA S.R.L. a greater structure at the level of Governance. The ESA Group is going through a long path of growth both in terms of gaining market share and in terms of creating value for the assets it acquired and manages. The focus on renewables, with multiple projects for the development of photovoltaic parks and the consequent creation of green energy supplies that can make it independent from third parties, the territorial development plan, and the development of the consultancy sector in terms of domestic and business energy efficiency, represent today the three fundamental pillars of the Group, which continues along the path of growth and progressive stabilization of the results obtained, through strategic lines of market penetration and customer loyalty. The company presents an adequate level in size, placing it in the middle of the reference sample. Solvency isn’t perfectly adequate, while profitability is performing well, confirming its good positioning in terms of turnover and profit growth.

The sector data show a generally sufficient state of health over the reference period, although profitability highlights a certain difficulty in the sector. The energy sector in Italy remains strategic and has undergone a radical transformation in recent years, with the declining use of coal in favor of renewables. Within this framework, electricity consumption is decreasing in recent years. The abolition of a protected market will also widen the pool of potential customers, although the granularity of the sector is an important barrier. The beginning of 2022 for energy has been significantly influenced by the ongoing tensions in the Ukrainian area. The macroeconomic picture for Italy shows that the recovery in 2021 was generally in line with forecasts, with a sustained economic growth that could be confirmed in the coming years. Recent geopolitical tensions, however, undermine the forecasts, especially regards to maintaining an adequate economic growth, with domestic consumption likely to be affected by rising inflation. The 2022 forecast figures are therefore likely to be revised downwards.

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 not a buyer of ancillary services provided by modefinance (credit risk software).

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 - Stefania Latin, Rating Analyst

Assistant Analyst - Fabio Politelli, Rating Analyst

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager