S&P revises Abertis to positive

S&P said it revised the outlook on Abertis Infraestructuras SA to positive from stable and affirmed its BBB long-term corporate credit and issue-level ratings.

On May 15, Atlantia SpA launched a voluntary tender offer on all outstanding shares of Abertis for €16.3 billion. Atlantia is planning to pay Abertis shareholders by cash (up to 90% of capital) or by Atlantia's special shares (up to 23% of capital). The voluntary tender offer is subject to a minimum acceptance of 10% of outstanding shares for a partial share offer and 50.1% acceptance overall.

S&P said the outlook revision reflects its expectation that if the offer is successful, Abertis will become part of a wider and stronger group, which implies synergies from the business integration and support from Atlantia. On a consolidated basis, Atlantia/Abertis will be the largest transportation infrastructure group globally, with a presence in 15 countries, over 13,000 km of roads, 60 million airport passengers, and EBITDA of €6.6 billion.

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