S&P: Salini Impregilo notes BB+

S&P said it assigned its BB+ issue rating to the up to €400 million of proposed senior unsecured notes due in 2024 to be issued by Salini Impregilo SpA (BB+/stable).

The 4 recovery rating reflects the notes' unsecured and unguaranteed nature, and structural subordination to significant prior-ranking claims. The agency said it estimates recovery prospects at 40%.

S&P said most bank lines and revolving credit facilities rank pari passu with the bonds.

“Salini intends to use the proceeds of the proposed notes to refinance at maturity the existing €283 million of unsecured notes maturing in 2018, and repay a portion of its bank debt,” the agency said in a news release.

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