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Autostrade SpA Rtgs Placed on Watch Neg After Controlling Shareholder Announces Takeover Bid Nov 02
Standard & Poors, Nov 2002
Abstract
MILAN (Standard & Poor's) Nov. 4, 2002--Standard & Poor's Ratings Services said today it placed its double-'A'-minus long-term and 'A-1'-plus short-term corporate credit ratings on Autostrade SpA, Italy's largest motorway company, on CreditWatch with negative implications, following the announcement of a takeover bid. 'The rating action follows an announcement by Schemaventotto SpA, Autostrade's largest shareholder, that it intends to launch a bid to take full control of Autostrade,' said Standard & Poor's credit analyst Monica Mariani. 'Standard & Poor's believes that the proposed acquisition financing will materially undermine Autostrade's financial profile.' The bid price is about -8.0 billion ($8.0 billion) and would be entirely financed by bank debt. A fully owned subsidiary of Schemaventotto would launch the bid and may...
Companies mentioned in this report are: Atlantia SpA,UniCredit SpA,BRISA Auto-Estradas de Portugal S.A.
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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