Creditreform Rating AG has withdrawn the corporate issuer rating of Autostrade per l'Italia S.p.A. because the monitoring process was discontinued. The rating is set at N.R. (Not Rated)
Creditreform Rating has set the unsolicited corporate issuer rating of Autostrade per L´Italia S.p.A. to BB+ / Watch NEW. The downgrade reflects the ongoing uncertainties with regard to the main concession of ASPI. These uncertainties are intensified by the publication of the so called Milleproroghe Decree which, if converted into a law, will make it less costly for the authorities to revoke the main concession of Autostrade per L'Italia. We furthermore believe that the increased political pressure might also require Atlantia S.p.A. to make further comprimises in order to retain the right of managing the ASPI-concession which also could have a detrimental effect on the Group´s financial profile.
Creditreform rating set the initial unsolicited corporate issuer rating of Autostrade per l´Italia S.p.A. to BBB. The rating supplement Watch NEW is added. The Group´s strong cash flows and earnings power and the relatively long life of its main concession have a positive effect on the rating. This is dampened by its undiversified concession base and high exposure to the Italian economy. The rating supplement Watch is added due to the collapse of the Polcevera bridge in Genoa on August 14, 2018. The consequences that will follow from this incident have still not been determined, and the cause of the collapse of the bridge is currently being investigated by the authorities.