Moody's boosts ASPI

Moody's Investors Service said it upgraded to Ba2 from Ba3 the senior unsecured and backed senior unsecured ratings and to (P)Ba2 from (P)Ba3 the senior unsecured euro medium-term note program rating of Autostrade per l´Italia SpA (ASPI). ASPI's ratings and outlook have been also placed under review for upgrade.

The agency also placed under review for upgrade the Ba2 corporate family rating, the Ba3 senior unsecured rating and outlook of Atlantia SpA.

Moody´s also affirmed the Baa3 senior unsecured and underlying senior secured ratings and the (P)Baa3 senior unsecured EMTN program rating of Aeroporti di Roma SpA (ADR), the outlook remains positive.

The rating actions follow settlement between ASPI with the Italian government over the Polcevera bridge incident, and marks the withdrawal of the government's earlier allegations of serious breaches of ASPI's concession contract, the agency said.

“The agreement significantly decreases the likelihood of a revocation of ASPI's concession and reduces the political pressure and downside risks for ASPI and Atlantia. Furthermore, the settlement agreement represents an important step towards satisfaction of the condition precedents in the share purchase agreement signed between Atlantia and the consortium formed by CDP Equity SpA, the Blackstone Group International LLP and Macquarie European Infrastructure Fund 6 SCSp on June 11, 2021,” Moody’s said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.