Fitch rates Aeroporti di Roma notes BBB+

Fitch Ratings said it assigned Aeroporti di Roma a long-term issuer default rating of BBB+ with a stable outlook and a short-term issuer default rating of F2.

The agency also assigned Aeroporti di Roma's medium-term notes program BBB+(EXP) and its €650 million unsecured bonds maturing in five years or longer BBB+(EXP).

The outlooks are stable.

Aeroporti di Roma is a group of two airports (Fiumicino, FCO, 37m pax, seventh in Europe, and Ciampino, CIA, 4.5m pax, focused on low-cost carriers). The ratings incorporate a fairly unusual combination of attributes on key rating drivers: a strong asset profile with a rather weak debt structure, and strong credit metrics with material counterparty risk.

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