Fitch gives Autostrada Brescia bond BB+

Fitch Ratings said it has assigned Autostrada Brescia Verona Vicenza Padova's €600 million senior secured bond an expected rating of BB+ (exp).

The outlook is stable.

According to the agency, the rating reflects the Italian toll road operator's fairly solid asset profile that is offset by a fairly weak debt structure.

The rating is, however, weighed down by Autostrada Brescia's debt structure comprising a single bond bullet maturity whose refinancing in 2020 relies on a new debt transaction largely based on terminal value payment at concession maturity.

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