Moody’s gives Autostrade per l'Italia notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to the proposed euro-denominated senior unsecured notes of Autostrade per l'Italia SpA (ASPI), a wholly owned subsidiary of Atlantia SpA (Baa1 stable).

The outlook is stable.

The amount of notes is yet to be determined but ASPI's board of directors authorized the issuance of up to €1.5 billion to be completed by Dec. 31, 2015. The bonds will be listed on the MOT managed by Borsa Italiana and offered for sale to retail investors in Italy.

Proceeds will be used for financing of ASPI's development plans and refinancing of existing debt.

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