S&P withdraws ratings Beni Stabili after merger

S&P said it withdrew the BBB long-term issuer credit ratings on Beni Stabili SpA SIIQ upon the successful closing of the company's merger with Covivio SA.

The outlook was positive at the time of the withdrawal.

The rating reflected the company's integral importance to Covivio group's corporate structure and future strategy, S&P explained.

As a result, the agency said it treated Beni Stabili as a core entity of Covivio and aligned the ratings on Beni Stabili with the ratings on Covivio.

On Dec. 31, the two companies announced that their merger by means of Beni Stabili's absorption into Covivio was effective, S&P said.

As such, Beni Stabili as legal entity was dissolved and all the assets and liabilities were transferred to Covivio, the agency explained.

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