FITCH DOWNGRADES AUTOSTRADE PER L’ITALIA’S RATING
Rome, 8 January 2020 - The rating agency Fitch, following the unilateral changes to existing motorway concession arrangements in Italy, introduced by the Milleproroghe decree, downgraded Autostrade per l'Italia from 'BBB+' to 'BB+'.
As a result of persistent uncertainties weighing on the Company credit profile, the rating is on Rating Watch Negative.
Such decision, after a similar action recently taken by another rating agency, could trigger, as a potential effect, the request from the European Investment Bank and the Cassa Depositi e Prestiti of the early repayment - on the basis of existing agreements - of loans granted to Autostrade per l’Italia totaling approximately € 2.1 billion of which 1.8 bn guaranteed by Atlantia, with the consequent utilization of credit lines from Atlantia and Autostrade per l'Italia.
The full text of the rating agency's announcement is provided below.