Research Update: AdR Cut To 'BB+/B'; Recovery Rating Assigned; Still On Watch Neg Over Alitalia Uncertainty

Standard & Poors, November 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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
On Nov. 7, 2008, Standard & Poor's Ratings Services 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 2012 and -43.35 million Banca OPI SpA...

Companies mentioned in this report are: Aeroporti di Roma SpA
Action: Downgraded

Aeroporti di Roma SpA

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