Moody's upgrades Atlantia, ASPI

Moody's Investors Service said it upgraded to Ba1 from Ba2 the long-term corporate family rating of the Atlantia SpA, to Ba2 from Ba3 the company’s senior unsecured ratings and to (P)Ba2 from (P)Ba3 the rating of the senior unsecured euro medium-term note program. The outlook is stable.

Moody´s also boosted to Ba1 from Ba2 the senior unsecured and backed senior unsecured ratings and to (P)Ba1 from (P)Ba2 the senior unsecured EMTN program rating of Autostrade per l’Italia SpA (ASPI). The outlook is positive.

Lastly, the agency affirmed the Baa3 senior unsecured and underlying senior secured ratings and the (P)Baa3 senior unsecured EMTN program rating of Aeroporti di Roma SpA (ADR). The outlook remains positive.

“Today´s rating actions follow the registration with the Italian Court of Auditors, on March 30, 2022, of the two MIMS-MEF interministerial decrees approving the settlement agreement signed on Oct. 14, 2021 and the third addendum to ASPI’s concession. On registration, the settlement agreement and the new economic and financial plan of ASPI became fully effective,” Moody’s said in a press release.

Additionally, Atlantia and the consortium formed by CDP Equity, The Blackstone Infrastructure Partners and Macquarie Asset Management confirmed that all the conditions set out in the share purchase agreement have been fulfilled. Therefore, the transfer of the 88.06% stake of ASPI to the consortium from Atlantia, means the change of control of ASPI will be effective within 30 working days from March 30.

“The conclusion of the review and the upgrade of the ratings of Atlantia and ASPI reflect the full effectiveness of the settlement agreement as well as the concession addendum and the increased certainty around the sale of Atlantia’s stake in ASPI,” the agency said.

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