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Fitch keeps Atlantia on watch
Fitch Ratings said it maintained Atlantia SpA's €10 billion euro medium-term note program's senior unsecured rating of BBB+ and Autostrade per l'Italia SpA's long-term issuer default rating of A- on rating watch negative.
The agency said it updated the rating sensitivities as the financial consequences of the Genoa bridge collapse further weigh on Atlantia's and Autostrade's credit profiles at a time when the group is re-leveraging to acquire the 50%+ one share of Abertis Infraestructuras SA (BBB+/RWN).
“A number of factors could exert downward pressure to Atlantia's and ASPI's ratings,” Fitch said in a news release.
The agency said the resolution of the rating watch will focus on costs and liabilities linked to the collapse of Genoa bridge and the related impact on the group's financial profile and the potential procedure of Autostrade concession early termination that might lead to a multiple notch downgrade if there are doubts on size and timely payment of compensation, which is the primary source for redeeming bondholders that decide to exercise the put option.
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