S&P rates Autostrade notes BB-

S&P said it assigned a BB- rating with a 3 (80%) recovery rating to Autostrade per l’Italia SpA’s (ASPI) €1.25 billion of eight-year notes.

ASPI’s €1.25 billion issuance will reduce needed liquidity support from parent Atlantia. “The amount of the proceeds is broadly in line with ASPI’s estimated financing needs for 2021, and it reflects the debt repayment of about €670 million in February 2021 and about €540 million through the rest of the year. It also considers about €500 million-€800 million annual capital expenditure (capex) for ASPI,” S&P said in a press release.

S&P affirmed its BB- ratings on Atlantia and ASPI and the senior unsecured debt.

The outlook is developing.

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