S&P revises Atlantia to negative

S&P said it revised the outlook on Atlantia SpA and its subsidiaries –Autostrade per I'Italia SpA and Aeroporti di Roma SpA – to negative from stable and affirmed the BBB+ long-term and A-2 short-term corporate credit ratings on these companies.

In addition, the agency affirmed the BBB+ issue-level rating on the senior unsecured debt under the existing €10 billion euro medium-term note program originally issued by Atlantia but recently transferred to Autostrade per I'Italia, and the BBB rating on Atlantia's new €3 billion EMTN program.

S&P said the outlook revision follows Atlantia's launch of a voluntary tender offer on all outstanding shares of Abertis Infraestructuras SA for €16.3 billion. Atlantia is planning to pay Abertis shareholders by cash (up to 90% of capital) and by special shares (up to 23% of capital). The voluntary tender offer is subject to a minimum acceptance of 10% of outstanding shares for a partial share offer.

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