GEK TERNA’s Euro Medium Term Note (EMTN) Programme has received investment-grade ratings from two international credit rating agencies, S&P Global Ratings and Moody’s Ratings.
Specifically, S&P Global Ratings assigned the programme a rating of “BBB-”, while Moody’s Ratings assigned it a long-term rating of “(P)Baa3” and a short-term rating of “(P)P-3”, with the company’s outlook remaining stable.
S&P: Low leverage at parent level – EMTN reflects prudent management of liquidity and maturities
S&P rated the EMTN Programme “BBB-”, aligning its rating with GEK TERNA’s corresponding long-term rating.
The agency said the rating reflected the maintenance of low leverage at the parent-company level and the high degree of diversification in the infrastructure and investment portfolio.
Of particular significance is S&P’s clear distinction between project finance without recourse to the parent company and the group’s consolidated financials.
About 75% of the group’s total debt relates to non-recourse financing for concession projects, while the remaining corporate debt is entirely unsecured.
These factors point to a particularly strong and resilient capital structure for an infrastructure group of this size, with project financing remaining largely separate from the parent company’s balance sheet.
S&P also noted that the EMTN reflects the company’s prudent management of liquidity and maturities, and said the programme is broadly neutral for its credit profile.
Moody’s: EMTN gives the company additional funding flexibility – strong liquidity at Greece’s leading infrastructure group
Moody’s Ratings assigned the EMTN Programme a rating of (P)Baa3, as well as a short-term rating of (P)P-3, while maintaining GEK TERNA’s stable outlook.
The programme rating is in line with GEK TERNA’s Baa3 issuer rating.
The agency said the EMTN Programme enhances the company’s funding flexibility and broadens its options for accessing international capital markets.
In its assessment, Moody’s described GEK TERNA as the leading infrastructure group in Greece, with concessions making an increasing contribution to profitability.
It also highlighted the strong fundamentals of the motorway portfolio, the average remaining concession term of more than 20 years, and GEK TERNA’s vertically integrated model, which provides significant revenue visibility.
Particular emphasis was placed on the strong liquidity of the group and the company.
Specifically, following a €659 million capital increase completed in July 2026, Moody’s said the group had about €2.2 billion in cash and cash equivalents, including about €1.3 billion at the parent-company level. According to the agency, this strengthens GEK TERNA’s financial flexibility.
Moody’s expects GEK TERNA’s credit metrics to remain consistent with a Baa3 rating for at least the next 12-24 months, supported by rising traffic and motorway cash flows, as well as a gradual improvement in leverage as major projects enter the operating phase.
Investment-grade ratings at company level, too
GEK TERNA received investment-grade ratings from the two international agencies for the first time in May 2026.
On 7 May 2026, S&P assigned GEK TERNA a long-term issuer credit rating of BBB- with a stable outlook, while Moody’s assigned the company a long-term issuer rating of Baa3 with a stable outlook for the first time on the same day.
The EMTN Programme’s investment-grade rating follows the investment-grade ratings assigned to GEK TERNA itself, with S&P’s BBB- and Moody’s (P)Baa3 rating for the programme matching the company’s corresponding long-term ratings.