S&P changes Atlantia to stable

S&P said it revised to stable from negative its outlook on Atlantia SpA and its subsidiaries, Autostrade per I'Italia SpA and Aeroporti di Roma SpA.

At the same time, the agency affirmed the BBB+ long-term and A-2 short-term issuer credit ratings.

The agency also affirmed the BBB+ issue-level rating on the senior unsecured debt under the existing €10 billion euro medium-term note program as well as the BBB rating on Atlantia's €10 billion euro MTN program.

S&P also affirmed the BBB+ rating on the euro MTN programs and senior unsecured debt issued by the subsidiaries.

The agency said the revision follows the high acceptance rate achieved for the €16.7 million all-cash tender offer by a consortium of Atlantia, ACS and Hochtief for the shares of Abertis. The acquisition will be funded with about €10 billion debt via a special purpose vehicle above Abertis and pro rata shareholder equity.

“The stable outlook reflects our expectation that Atlantia can manage the decline in its credit ratios by a combination of disposals, synergies and strong growth of the consolidated group's cash flows from stable and diverse global toll roads,” S&P said in a news release.

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