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AdR Downgraded To 'BBB-/A-3'; Lengthy Tariff Review; Still Watch Neg Over Gemina Rights Issue
Standard & Poors, Nov 2007
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.
Abstract
PARIS (Standard & Poor's) Nov. 30, 2007--Standard & Poor's Ratings Services said today that it lowered its long- and short-term corporate credit ratings on Italian airport operator Aeroporti di Roma SpA (AdR) to 'BBB-/A-3' from 'BBB/A-2', and that it was maintaining the ratings on CreditWatch with negative implications until a rights issue by 96% owner Gemina SpA (not rated) is successfully completed and proceeds applied to its debt repayment. In addition, Standard & Poor's lowered its senior secured debt ratings to 'BBB-' from 'BBB' on AdR's -391.4 million bank facilities and -65 million in unwrapped notes issued by Romulus Finance S.r.l., a borrowing vehicle used by AdR. The senior secured debt ratings also remain on CreditWatch negative. 'The downgrade mainly...
Companies mentioned in this report are: Aeroporti di Roma SpA
Action: Downgraded
Action: On CreditWatch:Negative
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