(Alliance News) - Fitch Ratings announced Wednesday that it has upgraded Acea Spa's outlook from Negative to Stable, confirming the long-term issuer default rating at 'BBB+'.

In addition, the rating agency confirmed the short-term IDR at 'F2' and the long-term senior unsecured rating at 'BBB+'.

The improved outlook reflects Acea's good financial performance recorded in 2023, careful working capital management, and net debt-to-Ebitda ratio in planned arc not exceeding 3.5 times.

"The confirmation of the 'BBB+' rating reflects the soundness of Acea's business model and strategy highlighted in the 2024-2028 business plan, mainly focused on the regulated water and electricity distribution sectors, as well as in the incentivized waste treatment business," the agency explained.

Acea's stock is down 0.7 percent at EUR15.43 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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