Major Rating Factors Key strengths Key risks Critical role for the Italian government, as the entity in charge of building up and managing the country?s strategic oil reserves. Significant funding needs to continue building up oil reserves. Continued importance as an intermediary in the energy market, being a centralized purchaser of electricity, although volumes are set to gradually decrease as liberalization advances. Exposure to market prices for commodities linked to increasing oil reserves, mitigated by the legal framework governing the entity. A very stable legal framework that ensures full cost coverage and is unlikely to change. Structural working capital needs arising from energy purchasing activity, albeit sufficiently covered by various credit lines and liquidity instruments. The stable outlook on Acquirente
