Agency ratings

Table no. 43 - RATING 2018

Moody’s has confirmed its Baa2 rating. The confirmation of the outlook is mainly due to the following reasons: the business mix primarily focused on regulated activities with limited exposure to price and volume risk; the Strategic Plan focused
on regulated activities likely to ensure financial flexibility.

Fitch confirmed Acea’s rating. The confirmation reflects Acea’s strategic focus on regulated businesses, the positive operating performance and solid prospects thanks to the stability of the regulatory framework in Italy. This assessment also takes into account the growth of investments in the Industrial Plan.