This report does not constitute a rating action. Overview Key strengths Key risks Critical role for the Italian government as the entity in charge of building and managing the country's strategic oil reserve. Structural working capital needs arising from energy purchasing activity, albeit sufficiently covered by various credit lines and liquidity instruments. Strategic importance as an intermediary in the energy market, being the centralized purchaser of electricity, although volumes are set to gradually decrease as the market liberalizes. Significant funding needs to continue building oil reserves until 2025. Very stable and solid legal framework, which ensures a full cost recovery principle, without any expectation of potential changes or reforms. The company has a fundamental role to continue providing energy to
