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Autostrade SpA's Guaranteed ?8 Billion Bank Facilities Rated 'A' Feb 04
Standard & Poors, Feb 2004
Abstract
MILAN (Standard & Poor's) Feb. 18, 2004--Standard & Poor's Ratings Services said today that it has assigned its 'A' long-term senior secured debt rating to the -8 billion in syndicated bank facilities granted to Italy-based motorway company Autostrade SpA (A/Negative/A-1). 'The rating is the same as Autostrade's long-term corporate credit rating, since the structure of the financing--which also provides for certain guarantees for the banks from Autostrade per l'Italia SpA, Autostrade's fully owned subsidiary in charge of motorway operations--mitigates the structural subordination of debt sitting at the parent holding level,' said Standard & Poor's Milan-based credit analyst Monica Mariani. The facilities consist of a capital-market facility (-4.6 billion), a bank facility (-1.9 billion), and a capital-expenditure facility (-1.5 billion). The...
Companies mentioned in this report are: Atlantia SpA
Action: New Rating
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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