Research Update: Ferrovie dello Stato Italiane Upgraded To 'BBB+' Following Similar Action On Italy; Outlook Stable

On April 11, 2025, S&P Global Ratings raised its unsolicited sovereign credit ratings on Italy by one notch to ?BBB+? with a stable outlook, on external buffers and monetary flexibility. Fully owned by the Italian Ministry of Economy and Finance (MEF), we view the exposure to Italy as a key credit driver for our rating on integrated rail group Ferrovie dello Stato Italiane (FSI) as we think that the company benefits from an extremely high likelihood of receiving extraordinary government support, if needed. This reflects the very important role the group plays as the manager of the Italian rail infrastructure and the incumbent provider of passenger rail services, and it plays an integral role in the allocation of Italian government

...Rating Component Scores Component Foreign currency issuer credit rating ###+/Stable/A-2 Local currency issuer credit rating ###+/Stable/A-2 Business risk Strong Country risk Intermediate Risk Industry risk Low Risk Competitive position Strong Financial risk Intermediate Cash flow/leverage Intermediate Anchor ###+ Diversification/portfolio effect Neutral/Undiversified Capital structure Neutral Financial policy Neutral Liquidity Adequate Management and governance Neutral Comparable rating analysis Neutral Stand-alone credit profile ###+...

Research Update