Moody's rates Astaldi notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and a probability of default rating of B1-PD to Astaldi SpA.

Concurrently, the agency assigned a provisional B1 (LGD4, 56%) rating to the proposed €400 million senior unsecured notes.

The outlook is stable.

Moody's said the B1 rating reflects (a) the good visibility and predictability of its future revenue generation given the company's strong order backlog, equivalent to approximately four years of current revenue; (b) a geographically fairly well diversified portfolio of orders despite some concentration in Italy and Turkey as well as in transportation; (c) a solid track record of execution and expectations of continued healthy operating margins; (d) expectations that the company will achieve a meaningful reduction in leverage in the next 12-18 months and will continue to deleverage thereafter; and (e) a fairly immature but attractive investment portfolio in concessions.

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