FITCH DOWNGRADES ASTALDI’S RATING
Astaldi S.p.A. announces that, as of today’s date, the rating agency Fitch Ratings Inc. has lowered its Issuer Default Rating (IDR) on Astaldi S.p.A. to ‘CCC-’ from ‘B’ and placed the ratings on Rating Watch Evolving (from the previous Negative Outlook).
Fitch’s decision reflects Astaldi’s further postponement of the sale of the Third Bosphorus Bridge, which raises questions about the timing of the proposed capital increase.
The Rating Watch Evolving is pradicated on the main short-term risk of liquidity if the main short-term concern, if the planned disposal of the assets and the subsequent capital increase fail to materialise: in the event that the Company is unable to refinance its bank-lending maturities, the ratings could be lowered further; should the Company be successful in selling its stake in the Third Bosphorus Bridge, and subsequentely issuing equity, substantially improving liquidity, positive rating action is likely.
...
Learn more
