Moody’s assigns Baa2 to Atlantia program

Moody's Investors Service said it assigned a provisional Baa2 rating to the new €3 billion euro medium-term note program of Atlantia SpA.

Concurrently, the agency affirmed the provisional Baa1 and Baa1 ratings on the €10 billion long-term senior unsecured euro medium-term note program and the long-term senior unsecured notes of Atlantia, respectively, which benefit from a guarantee from Autostrade per l'Italia SpA. The Baa1 long-term issuer rating, and the provisional Baa1 and Baa1 long-term senior unsecured euro medium-term note program and long-term senior unsecured ratings of Autostrade per l'Italia, respectively, were also affirmed as part of this action.

The outlook on all ratings is stable.

Moody’s said the provisional Baa2 rating on the new Atlantia program is one notch below the consolidated credit quality of the group as reflected by the ratings of Atlantia debt that benefits from the guarantee of Autostrade per l'Italia. The one-notch difference reflects the structural subordination of the creditors at the holding company level, the agency added.

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