S&P rates Autostrada Brescia bond BBB-

Standard & Poor’s said it assigned a BBB- long-term corporate credit rating to Autostrada Brescia Verona Vicenza Padova SpA, the operator of a tolled motorway in northern Italy.

The agency also said it assigned a BBB- rating to the company’s €600 million 2.375% senior secured bond due March 20, 2020.

The outlook is stable.

The ratings reflect the company’s satisfactory business risk profile and intermediate financial risk profile, S&P said.

The ratings are constrained by its relatively small size and lack of geographic diversity compared with other toll road network operators given that it operates a single concession covering one stretch of road only, the agency said.

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