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Atlantia/ASPI Outlook Revised To Negative From Stable On Debt Concerns; 'A-/A-2' Ratings Affirmed Jul 10
Standard & Poors, July 2010
Abstract
We observe that Italy-based toll road operator Atlantia's sizable capital expenditures could lead to continued negative discretionary cash flows and therefore to debt increases in the near to medium term. In our view, Atlantia's growth plans and refinancing risk linked to large bullet maturities in 2011 exerts further ratings pressure, although we consider this tempered by the company's adequate liquidity. We are revising our outlook on Atlantia and its subsidiary, Autostrade per I'Italia SpA (ASPI), to negative from stable, reflecting the possibility of a downgrade if Atlantia does not reduce debt and fails to take tangible steps toward the refinancing of its upcoming short-term maturities, notably the -2 billion bullet maturity coming due in June 2011 We have revised our...
Companies mentioned in this report are: Atlantia SpA,Autostrade per I'Italia SpA
Action: Affirmed
Action: Outlook: Negative
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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