Recovery Report: Aeroporti di Roma SpA Recovery Rating Profile
Standard & Poors, March 2011
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: Full Analysis
Abstract
We are updating our recovery analysis on Italian airport operator Aeroporti di Roma SpA's debt instruments. Our simulated default scenario contemplates a default in 2013, principally triggered by the group's inability to refinance its debt in 2013. We foresee recovery of the rated secured debt instruments in the 50%-70% range, which is consistent with a '3' recovery rating. Despite different "privilegio speciale" (special privileges), we understand that AdR's secured instruments rank pari passu with each other. Aeroporti di Roma SpA is the holding company and the main operating company of the group. We believe that the lenders of the -39.1 million Banca OPI facility--of which -34.9 million is outstanding--benefit from a comprehensive security package, including a pledge over AdR accounts,...
Companies mentioned in this report are: Aeroporti di Roma SpA
Aeroporti di Roma SpA
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