Following Terna’s request for a withdrawal of Scope’s public ratings on the Italian utility, the rating agency has converted all ratings into unsolicited subscription ratings.

The affirmation reflects Terna’s attention to debt management amid the accelerated capex programme. Scope believes that Terna would implement adequate measures if the rating headroom narrowed.

The rating is based on the utility’s A-/Stable issuer rating and the deep subordination and characteristics of hybrid debt placed by the rated entity.