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Italgas S.p.A. -- Moody's downgrades the ratings of four Italian utilities

Moody's Investors Service ("Moody's") has today downgraded the long-term ratings of the following four Italian utilities: Hera S.p.A. ("Hera"), Italgas S.p.A. ("Italgas"), SNAM S.p.A. ("SNAM") and Terna - Rete Elettrica Nazionale S.p.A. ("Terna"). Concurrently, Moody's has affirmed Terna's short-term P-2/(P)P-2 ratings. The rating actions were prompted by the rating agency's downgrade of the Government of Italy's bond rating to Baa3 with stable outlook from Baa2 under review for downgrade.