GLOBAL POWER SPA Corporate Credit Rating (First Issuance)

Press release 23 March 2021

New rating for GLOBAL POWER S.P.A.

modefinance published the Solicited Corporate Credit Rating of GLOBAL POWER S.P.A. 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 shortly affected by the adverse economic scenario.

Global Power SpA was founded in 2004 and operates in the energy sector, as a supplier of electricity and gas. The Company operates as a supplier of important Italian companies and public entities.

Key Rating Assumption

The Company has a sufficient economic and financial situation, characterized by low capitalization, which leads to a significant financial indebtedness. The current ratio is below 1, but the liquidity area shows a cash cycle ratio in line with the reference peer group, while the profitability area expresses sufficient and growing ratios compared to the previous year. The analysis of the cashflow shows how it supports its liquid assets thanks to the contribution of credit institutions: its financing activities are able to cover the absorption of resources generated by the operating area, which is affected by an inefficient working capital’s management, where the Company will particularly improve in the next few years.

Bank of Italy’s Central Credit Register indicates how the Company has not recorded any dispute or serious credit lines management’s anomaly. The Company does not highlight any situation of high financial stress, having reduced the overdraft facility risks’ tension during the analyzed period. Furthermore, the Company records several slight overruns, including episodes along maturity risks occurred in the last twelve months. The Company has a collegial form administration, composed almost exclusively by external figures; Global Power Spa has a board of auditors and an external auditor firm as well.

The ownership of the Company is easily attributable to the Zoccatelli family; the Company is managed by a well-defined corporate structure. Regarding the entity’s size, the position of the company is perfectly median, while solvency and profitability ratios are below the sector median, with signs of weakness. The peer group recorded a downward trend in its solvency ratios, which are to be considered adequate. Furthermore, the peer group registered constant liquidity indicators, higher than 1 and adequate; in the end, the profitability ratios slightly increased in 2019, showing an adequate value.

The energy sector is currently experiencing an important transformation, gradually abandoning some historical sources in favor of an increasingly massive use of renewables. Within a future prospect, the stability recorded by the Company’s turnover in 2020 is interesting and appreciable. Italy’s macroeconomic situation is significantly influenced by the pandemic, on which the domestic confinement decided by the Italian government seems to have had a fundamental impact.

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 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)
+39 040 3756740

Assistant Analyst – Eva Vocci (Rating Analyst)
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740