Fitch revises Brebemi view to negative

Fitch Ratings said it revised the outlook on Societa di Progetto Brebemi SpA's senior secured notes to negative from stable and affirmed the rating at BB+.

“The negative outlook reflects the ongoing delay in traffic ramp-up and recent regulatory interference in the 2022 tariff setting, which will pressure the debt service coverage ratio (DSCR) in the Fitch Rating Case (FRC), given the escalation in mandatory debt service,” the agency said in a press release.

Specifically, Fitch noted the Ministry of Transport & Mobility put the society’s proposed 4.49% tariff increase on hold.

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