S&P changes Abertis to stable

S&P said it revised its outlook on Abertis Infraestructuras SA to stable from developing.

At the same time, the agency affirmed the BBB long-term issuer credit and issue-level ratings on the company.

S&P said the revision follows the about 85% acceptance rate achieved for the €16.7 billion all-cash tender offer by a consortium of Atlantia, ACS and Hochtief for the shares of Abertis.

The tender offer will be funded through a €7 billion pro rata equity contribution by the shareholders to a special-purpose vehicle above Abertis, which in turn will further raise about €10 billion of acquisition debt.

“The ratings on Abertis reflect a high degree of group support from Atlantia, the outlook on which we revised to stable following the takeover bid,” S&P said in a news release.

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