Moody's lowers Azzurra Aeroporti view to negative

Moody's Investors Service said it affirmed the Baa3 senior secured bank loan rating of Azzurra Aeroporti SpA and changed the outlook to negative from stable.

Moody's also said it affirmed the Baa2 issuer rating of Aéroports de la Côte d'Azur, a subsidiary of Azzurra Aeroporti, and changed its outlook to negative from stable.

The outlook revision recognizes the increased risks to the financial profile of the Azzurra Aeroporti group that stem from a proposed reduction in aeronautical tariffs, the agency explained.

The expected sizable reduction in tariffs, if implemented, would weaken the Azzurra Aeroporti group's credit profile with the financial ratios likely falling lower than minimum guidance for the current rating, Moody's said.

The agency noted that the airport has announced its intention to challenge the decision before the Council of State on the basis that the tariff decision does not respect the requirements of the applicable regulations.

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