Rating

During the first half of the year, following Terna’s presentation of the 2009-2013 Business Plan, which includes the acquisition of Enel Linee Alta Tensione (ELAT), the Company’s credit ratings were revised as follows: Moody’s changed its long-term rating from A1 to A2 with a stable outlook.
Standard & Poor’s
revised its long-term rating from “AA-” with a negative outlook to “A+” with a stable outlook, while changing its short-term rating from “ A-1+” to “A-1”.
Fitch
maintained its negative rating watch issued in conjunction with the announcement of the ELAT acquisition and left its ratings unchanged (with a long-term rating of “A+”, a rating for unsecured senior debt of “AA-”, and a short-term rating of “F1”), and does not intend to downgrade the Company’s rating until the transaction has been completed. On April 1, 2009, the agency then decided to revise the Company’s long-term credit rating from “A+” to “A”, with a stable outlook, and changed its rating for unsecured senior debt from “AA-” to “A+”. The short-term rating remained unchanged.