Corporate Credit Rating 2024 for OPTIMA ITALIA SPA: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of OPTIMA ITALIA S.P.A. on the website and the rating assigned to the entity is B1- (Affirm). The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

OPTIMA ITALIA S.P.A. is an Italian multi-utility company specializing in the provision of integrated services. Founded in by Danilo Caruso and Alesso Matrone, the Company initially operated as a provider of B2B telephone services. Over the 2000s, it underwent progressive lateral diversification, expanding into the supply of electricity and natural gas. Since 2015, 20% of the Company’s share capital has been held by the private equity fund Alpha, through the Luxembourg-based company Optiworld S.a.r.l. 

At the end of FY2023, the Company reports a generally satisfactory economic and financial position. The ratio between equity and third-party capital has improved, while the increase in financial debt, necessary to support working capital and investments, remains largely sustainable due to the operational margins generated. Active credit lines are managed efficiently, with no signs of payment delays or financial strain. Additionally, the balance between short-term assets and liabilities is considered appropriate.

The expansion of working capital and new investments has been effectively supported by financing activities and operational management, which continues to benefit from strong self-financing capacity. From a profitability perspective, there there has been a significant improvement in key indicators, driven by growth in operating margins. Both return on equity and return on invested capital are at satisfactory levels.

The Company’s administrative and control system is aligned with best practices, featuring a Supervisory Body under Legislative Decree 231/2001 structured as a collegiate body and a clear division of responsibilities between legal and tax areas.

Comparing the Company to its peer group shows that it ranks among the largest in terms of revenue. However, its solvency and profitability indicators remain below the industry median. Overall, the peer group reveals a healthy state, with satisfactory levels of solvency, effective liquidity management, and a notable strengthening of profitability in 2023.

From an operational standpoint, the Company employs strong lateral diversification to mitigate the risk associated with sudden market changes in its sectors. In particular, the energy sector, which is strategically important for OPTIMA ITALIA, has recently experienced significant changes due to geopolitical tensions and the volatility of energy commodity prices. Nevertheless, the strategy of diversifying supply sources has led to a gradual reduction in prices, supported by the increasing contribution of renewable sources to the energy production mix.

At the macroeconomic level, medium-term growth prospects for Italy remain limited, influenced by the ongoing economic slowdown in the United States and globally.

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized: 

The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at http://cra.modefinance.com/en

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available at http://cra.modefinance.com/en/methodologies.

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated entity is not a buyer of ancillary services provided by modefinance. 

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.

Head Analyst - Stefano Chirsich, Rating Analyst

stefano.chirsich@modefinance.com

Assistant Analyst - Fabio Politelli, Rating Analyst

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com