S&P cuts Atlantia

S&P said it cut its long-term issuer credit ratings on Atlantia SpA and subsidiary Autostrade per l’Italia to BBB- from BBB. The agency also lowered the long-term issuer credit rating on Atlantia’s operating subsidiary Aeroporti di Roma to BBB from BBB+, citing the subsidiary’s partial insulation from the creditworthiness of its parent Atlantia.

“The downgrades reflect our view that Atlantia now faces greater regulatory and legal risks following allegations that some of its subsidiaries’ employees may have misreported and omitted information in reports to the grantor of the toll-road concessions on the safety of some bridges that form part of ASPI’s network. These allegations are subject to an ongoing criminal investigation,” said S&P in a press release.

The outlook is negative.

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