Risks relating to rating

Access to the capital market and other forms of funding and the related costs, depends among other things on the Group's credit rating.

A reduction in the credit rating by rating agencies could represent a limiting factor for access to the capital market and increase collecting costs with the consequent negative effects on the equity, economic and financial standing of the Group.

ACEA's current rating is shown in the following table.

Company M/L Term Short Term Outlook Date
Moody's Baa2 Na Stable 19/02/2014
Standard & Poor’s BBB- A-3 Stable 18/10/2013
Fitch  BBB+ F2 Stable 29/05/2014