Fitch downgrades Atlantia, Autostrade per l'Italia

Fitch Ratings said it downgraded Atlantia SpA's €10 billion euro medium-term note program's senior unsecured rating to BBB from BBB+ and Autostrade per l'Italia Spa's long-term issuer default rating to BBB+ from A- and removed the ratings from Rating Watch negative.

The outlook is negative.

Fitch also said it affirmed Aereporti di Roma SpA's issuer default rating at BBB+ and revised the outlook to negative from stable.

The actions follow the group's material re-leveraging following the co-acquisition of Abertis Infraestructuras SA, Fitch explained.

Atlantia Group's consolidated rating of BBB+ considers the high leverage profile of more than 5x in the context of the Abertis acquisition, resulting in a shorter average life of its concession portfolio, the agency said, as well as a more geographically diversified portfolio of mature assets.

The rating also reflects the Atlantia group's solid liquidity position and the large financial flexibility embedded in its balance sheet, Fitch said.

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