Fitch rates Abertis notes BB+

Fitch Ratings said it assigned Abertis Infraestructuras Finance BV’s proposed callable deeply subordinated capital securities an expected BB+ rating.

Abertis Infraestructuras SA will guarantee the hybrid notes. The notes are unsecured deeply subordinated and will rank senior only to Abertis Finance’s share capital, while coupon payments can be deferred at the issuer’s option. These features are reflected in the lower rating, two notches below Abertis’ senior unsecured rating, the agency explained.

Abertis Infraestructuras will borrow the proceeds via an intercompany loan and use them for general corporate purposes. Purposes may include refinancing the group’s debt. Fitch’s issuer default rating for Abertis Infraestructuras is BBB.

The outlook is negative.

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