Moody’s cuts Atlantia

Moody’s Investors Service said it downgraded to Ba3 from Ba2 the senior unsecured rating and to (P)Ba3 from (P)Ba2 the rating of the euro medium-term note program of Atlantia SpA. Moody’s also downgraded to Ba2 from Ba1 the corporate family rating of Atlantia.

Concurrently, Moody’s downgraded to Ba3 from Ba1 the senior unsecured ratings and to (P)Ba3 from (P)Ba1 the senior unsecured EMTN program rating of Autostrade per l’Italia SpA, or ASPI. Moody’s also confirmed the Baa3 senior unsecured and underlying senior secured ratings and the (P)Baa3 senior unsecured EMTN program rating of Aeroporti di Roma SpA. The outlook on all ratings is negative.

“The rating action reflects the increasing political pressure on the Atlantia’s group and downside risks following the conversion into law of the Decree-Law No 162 of 30 December 2019 (Milleproroghe), by which the Italian government retroactively and unilaterally changed the terms and conditions of toll road concessions in the country, including that of ASPI. Even if the new law will most likely be challenged in Italian and European courts and could be ultimately reversed, it further weakens the position of ASPI and Atlantia,” said Moody’s in a press release.

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