Moody’s changes Sanef view

Moody’s Investors Service said it changed the outlook on Sanef SA and Holding d'Infrastructures de Transport to negative from stable.

Concurrently, Moody's affirmed the Baa1 long-term senior unsecured rating and the Baa1 long-term underlying rating of the €1.5 billion senior unsecured facility agreement entered into by Sanef with BNP Paribas and Dexia Credit Local as arrangers.

In addition, Moody's affirmed the Baa3 long-term issuer and long-term senior unsecured ratings of HIT.

The A2 rating of tranche A of Sanef´s BNP/Dexia facility is unchanged, as it is based on the financial guarantee insurance policy issued by Assured Guaranty (Europe) plc (A2 stable).

“The rapid and widening spread of the coronavirus (Covid-19) outbreak, the deteriorating global economic outlook, falling oil prices, and asset price declines, are creating a severe and extensive credit shock across many sectors, regions and markets,” the agency said in a news release.

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