Moody's
In November 2025, Moody’s announced that it has upgraded Acea’s rating from “Baa2” to “Baa1”. Specifically, the Agency revised Acea’s Long-Term Issuer Rating and Senior Unsecured Ratings to “Baa1”, the Baseline Credit Assessment to “Baa1”, and the provisional rating on the 5 billion€ EMTN program to “(P)Baa1” from “(P)Baa2”. The outlook was consequently changed to “stable” from “positive”. The upgrade of Acea’s rating follows the positive trend in Italy’s sovereign debt, as announced by Moody’s on Friday, November 21, with a rating increase of one notch from “Baa3” to “Baa2”. The change also reflects the company’s “solid financial profile”.