S&P ups Atlantia, units

S&P said it upgraded Atlantia SpA and subsidiary ASPI by one notch to BB from BB- and their senior unsecured debt to BB from BB- and kept the recovery ratings on this debt at 3. The agency also upgraded the long-term issuer credit rating on Aeroporti di Roma (AdR), Atlantia's almost fully owned operating subsidiary, to BBB- from BB+.

“In our view, Atlantia's approval of ASPI's disposal in favor of the consortium led by Cassa Depositi e Prestiti (CDP) softens the risk that the Italian government will terminate Autostrade per I'Italia's (ASPI's) concession and bondholders will ask for early repayment of the debt. We believe that the close relationship between CDP and the Italian government will lead to a settlement agreement being signed, which is one of several conditions for the sale,” S&P said in a press release.

The agency said it plans to delink the ratings on Atlantia and ASPI once the financing ties between the two companies are severed after creditors consent.

The outlook is positive.

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