Moody’s might lower Atlantia

Moody’s Investors Service said it placed under review for downgrade the Baa2 senior unsecured of Atlantia SpA and the Baa1 issuer rating and Baa1 senior unsecured ratings of Autostrade per l'Italia SpA.

The agency said it also placed under review for downgrade the Baa1 senior unsecured and senior secured ratings of Aeroporti di Roma SpA, reflecting the linkages between the company's credit quality and that of the wider Atlantia group.

Moody’s said the action reflects the heightened downside risks to the Atlantia group's credit profile stemming from the recent developments surrounding the collapse of the Morandi bridge on Aug. 14, located on the A10 motorway managed by Autostrade per l'Italia, which caused a high number of casualties.

On Aug. 20, Autostrade per l'Italia received a letter from the Italian government formally requesting the company to provide a report, within 15 days, detailing the maintenance measures implemented on the Morandi bridge.

Following receipt of the report, should material non-performance in respect of Autostrade per l'Italia’s maintenance obligations emerge, the government has indicated its intention to start the process to terminate Autostrade per l'Italia's concession.

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