Fitch revises ASPI watch to positive

Fitch Ratings said it revised Autostrade per l'Italia SpA's BB+ long-term issuer default ratings (IDRs) to rating watch positive from rating watch evolving.

“The rating actions follow the recent resolution of Atlantia's ordinary general meeting (OGM), which we expect to eventually unlock the formalization of a settlement agreement between ASPI and the grantor. This would finally remove the risk of revocation of the ASPI concession agreement, following disputes over allegations of serious breaches of the ASPI concession agreement due to the collapse of a bridge managed by the company in 2018. The revocation, which we now view as a remote prospect, would have likely resulted in a liquidity event for ASPI and Atlantia under concession rules, as unilaterally amended by law in 2019 (Milleproroghe),” Fitch said in a press release.

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