Moody’s rates Atlantia Ba1, cuts debt

Moody's Investors Service said it downgraded to Ba1 from Baa3 the senior unsecured ratings Atlantia SpA.

Moody's withdrew the issuer rating Autostrade per l'Italia SpA and assigned a Ba1 corporate family rating to Atlantia.

Moody's also downgraded to Baa3 from Baa2 the senior unsecured and senior secured ratings of Aeroporti di Roma SpA.

All ratings were placed under review for downgrade.

The agency said the action reflects the increasing political pressure on the Atlantia's group and growing downside risks following the publication of the so-called Milleproroghe Decree, in which the Italian government retroactively and unilaterally changed the terms and conditions of toll road concessions in the country, including that of Autostrade per l'Italia.

“Even if the effects of this decree could be only temporary, because it would cease to be effective if not converted into law by the parliament within 60 days of publication, it signals a significant escalation of the confrontation between the government and Atlantia,” the agency said in a news release.

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