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Debt and rating

 

Terna’s financial debt and capital structure in light of investment in the grid

At 30 June 2018, Terna’s net financial debt amounted to about € 7.90 billion and equity attributable to the owners of the Parent amounted to about € 3.84 billion.

The nature of the business as well as the present and future financial structure allow for the confirmation of a higher rating level that is the same for the three rating agencies, and promote highly competitive access conditions both for the banking market and capital markets.

The capital structure will continue to remain solid during the period of the Plan. Indeed, Terna predicts an increase in net debt, generated by the acceleration of envisaged investments, and from a generous dividend policy, which is fully sustainable thanks to the greater cash generation provided for in the Plan following the implementation of the new corporate strategy.