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AdR Cut To 'BB+/B'; Recovery Rating Assigned; Still On Watch Neg Over Alitalia Uncertainty
Standard & Poors, Nov 2008
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. 7, 2008--Standard & Poor's Ratings Services said today that it has lowered its long- and short-term corporate credit ratings on Italian airport operator Aeroporti di Roma SpA (AdR) to 'BB+/B' from 'BBB-/A-3', reflecting an expected weakening in AdR's business and financial profiles. The ratings remain on CreditWatch with negative implications, where they were placed on Sept. 22, 2008, pending further information on the potential privatization and restructuring of Alitalia. In addition, Standard & Poor's lowered its senior secured debt ratings to 'BB+' from 'BBB-' on AdR's bank facilities. The senior secured debt ratings also remain on CreditWatch negative. We assigned a recovery rating of '3' to AdR's -270 million credit facilities (-490 million initially) maturing...
Companies mentioned in this report are: Aeroporti di Roma SpA
Action: Downgraded
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