FITCH DOWNGRADES ASTALDI’S RATING TO ‘C’
Astaldi S.p.A. announces that, as of today’s date, the rating agency Fitch Ratings Inc. has downgraded Astaldi S.p.A. to ‘C’ from ‘CCC-’ and removed it from ‘Rating Watch Evolving’.
Fitch’s decision reflects Astaldi’s filing for creditor protection as a going concern under Italian Insolvency Law, announced by the Company on September 28, 2018 on the basis that it does not have binding offers for the sale of its stake in the Concession for the Third Bosporus Bridge, Turkey. Fitch underlines that as equity funding was conditional on this agreement, Astaldi has announced that the pre-existing 2018-2022 plan is no longer deliverable and that, in addition, contract start-ups, and thus advance payments, have been delayed, forcing the Company to seek protection.
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