Fitch puts ASPI, AdR on watch

Fitch Ratings said it placed Autostrade per l’Italia Spa’s and Aeroporti di Roma’s long-term issuer default ratings of BBB+ on rating watch negative. Fitch also placed Atlantia SpA’s €10 billion euro medium-term note program on rating watch negative. Atlantia owns Autostrade and Aeroporti de Roma.

“The rating actions reflect increased pressure as a result of the recent statement by Italy’s prime minister on the possible early termination of the ASPI concession. Further investigations on a possible shortfall of maintenance activities recently led to the temporary closure of two viaducts of the ASPI network. This has created additional tension between the group and the government, which was compounded by the recent Atlantia withdrawal from the government-sponsored restructuring of Italian loss-making airline Alitalia,” said Fitch in a press release.

If the government revokes the concession each ASPI bondholder would be entitled to exercise the put option according to the procedure in the bond documentation and ask for the redemption. The bond documentation also entitles each bondholder to exercise the put option if the concession is declared by relevant authorities to have ceased, the agency said.

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