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Aeroporti di Roma SpA Cut To 'BB' On Expected Traffic Decline; '3' Recovery Rating Unchanged; Outlook Stable Apr 09 Product Image

Aeroporti di Roma SpA Cut To 'BB' On Expected Traffic Decline; '3' Recovery Rating Unchanged; Outlook Stable Apr 09

  • ID: 1723520
  • April 2009
  • Standard & Poors

Abstract
PARIS (Standard & Poor's) April 10, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit rating on Italian airport operator Aeroporti di Roma SpA (AdR) to 'BB' from 'BB+', reflecting an expected weakening in AdR's financial profile in 2009. The ratings were removed from CreditWatch with negative implications, where they were placed on Sept. 22, 2008. The 'B' short-term corporate credit rating was affirmed and was also removed from CreditWatch. The outlook is stable. Our '3' recovery rating on AdR's €270 million credit facilities is unchanged, indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. "The downgrade mainly reflects our expectation of a weakening in AdR's financial profile in 2009...

Companies mentioned in this report are:
- Aeroporti di Roma SpA

Action: Downgraded

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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