S&P ups Atlantia, Aeroporti di Roma

S&P said it upgraded its ratings on Atlantia SpA to BB+ from BB and its subsidiary Aeroporti di Roma (AdR) to BBB from BBB-.

“We believe the completion of the Autostrade per l'Italia (ASPI) disposal in May 2022 removed Atlantia's liquidity risk by settling the dispute with the grantor on the collapse of the Genoa bridge, resulting in €8.2 billion proceeds received and removing financing ties with ASPI's debt,” the agency said in a press release.

Atlantia’s largest shareholder Edizone in partnership with Blackstone Infrastructure Partners reported a tender offer for the company’s shares on April 14.

“If the tender offer–worth up to €12.7 billion and funded through a mix of equity (€4.5 billion) and bank debt (€8.2 billion)–is successful, we expect Atlantia to maintain S&P Global Ratings' funds from operations (FFO) to debt at 10%-11% in 2022-2023. At closing, we will confirm that there is no additional debt as per our methodology as a result of Blackstone's capital contribution and that Edizione's majority stake wouldn't constrain our view of Atlantia's credit quality,” S&P said.

The outlook is stable.

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