Edison: “BBB” rating affirmed and removed from creditwatch by S&P; Outlook stable

Milan, December 16, 2022 – Edison informs that the rating agency Standard & Poor's affirmed Edison’s rating at BBB Outlook stable and removed it from creditwatch with negative implications assigned on May 24, 2022following a similar intervention on the rating of the parent company EDF.

S&P assesses Edison’s standalone credit rating at bbb given their view of the company as resilient to the current energy crisis with earnings adequately protected by its vertically integrated business model, strong performance in gas operations, and the growth of its contracted generation capacity. Moreover S&P considers Edison to be highly strategic to its parent and hence cap the rating of the entity at the level of EDF also recently affirmed at BBB. Their assessment of Edison as highly strategic to EDF reflects their views that Italy is a key market for EDF and that Edison is fully integrated into the group.

The stable outlook reflects S&P view of Edison's stand-alone creditworthiness and the expectation that growth in generation and supply activities can compensate for government measures like special taxes and working capital swings.

The full text of S&P press releases is available on the site www.standardandpoors.com.