Research Update: Aeroporti di Roma SpA Cut To 'BB' On Expected Traffic Decline; '3' Recovery Rating Unchanged; Outlook Stable

Standard & Poors, April 2009

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 April 10, 2009, Standard & Poor's Ratings Services 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 in relation to the expected traffic...

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

Aeroporti di Roma SpA

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