We are an Integrated Real Estate Platform Provider for Aerospace, Technology, Heavy Industrial, Commercial, and Residential Development. Although we do not anticipate it at this stage, if another bidder, such as an industrial group, were to acquire ASPI, we would assess the strategic importance of ASPI within the group and any potential support or constraint from the credit quality of the group. A consortium consisting of CDP Equity, Blackstone Infrastructure Partners and Macquarie Asset Management has agreed to acquire a 88 percent interest in Autostrade per lItalia (ASPI), one of Europes largest toll road operators, from Atlantia. However, we have considered ASPI as a non-strategic subsidiary to Atlantia since June 2021, when the ASPI members and their customers gain unique knowledge and endobj It also depends on its access to their cash flow generation and the strategic importance of its subsidiaries, which could lead, for example, to support in case of need. Unilateral changes were introduced under article 35 of Law Decree 162/2019, which made it possible to terminate a toll road concession before the operator receives any compensation. The PEF submitted by ASPI included reduced tolls (cumulatively, a reduction of 1.5 billion over the life of the concession); nonremunerated capex (1.2 billion split across 2020-2024); and expenses related to the reconstruction of the Genoa bridge (700 million). See here for a complete list of exchanges and delays. Project No. Distributed by Public, unedited and unaltered, on 12 June 2021 08:26:08 UTC. Raptor means all birds of the orders Falconiformes and Strigiformes, commonly called falcons, hawks, eagles, ospreys, and owls. Atlantia's acquisition of Aroports de la Cte dAzur, the company that controls the airports of Nice, Cannes-Mandelieu and Saint Tropez, consolidated the Group's presence in the airport sector. We could revise our approach, or our assessment of Abertis' importance to the Atlantia group, if Abertis' shareholders (Atlantia and ACS) change their strategy. ), _____________________________________________, BMW/SGLGroups to Join ASPI Technology Park, -----------------------------------------------------------, ------------------------------------------------------------, 2005 ASPI Group. ESI means any and all computer data or electronic recorded media of any kind, including Native Files, that are stored in any medium from which it can be retrieved and examined, either directly or after translation into a reasonably useable form. Depending on the future portfolio and governance of the group, we may change our rating approach, including using alternative consolidation methods (for example, proportionate or equity consolidation) if we think that consolidated reported figures do not represent Atlantia's credit risk. As a holding company, our rating on Atlantia considers the quality of the assets in its portfolio and its access to their cash flows; Abertis, for example, is controlled with a 50% plus one share. Spain-based construction company ACS has also expressed an interest in ASPI. 3 0 obj ROME (Reuters) - Italys audit court said on Thursday it had approved the sale of Atlantias unit Autostrade per lItalia (ASPI) to a group of investors, paving the way for a deal worth more than 8 billion euros ($8.87 billion). During 2005, a process of geographical diversification began with the acquisition of the management of approximately 2,000km of toll motorways in Brazil, Chile, India, and Poland. The disposal proceeds of 8 billion, as per the binding offer for its 88% stake in ASPI, would more than outweigh its current external debt of 3.75 billion (pro forma figures as of March 31, 2021). [9] In 2007, the board of directors approved the change of name into Atlantia S.p.A.[10], In 2013, the merger by incorporation of Gemina S.p.A.,[11][12] the majority shareholder of ADR (Aeroporti di Roma) into Atlantia, was concluded, with the consequent aggregation of a second core business in addition to the motorway concessions. 2 0 obj Most comprehensive library of legal defined terms on your mobile device, All contents of the lawinsider.com excluding publicly sourced documents are Copyright 2013-. Compared with the terms of ASPI's original concession, it also made the termination payment less costly for the grantor. This increased scrutiny of internal procedures and controls. CTI means CTI Logistics Limited (ABN 69 008 778 925) and/or any Affiliate of CTI Logistics Limited as the case may be, which performs all or any of the Services. At this stage, we still consider that Atlantia's business is focused on transportation infrastructure. At the Closing:- Atlantia shall (i) transfer its holding of shares in ASPI to the purchaser; (ii) deliver a copy of a letter of resignation from office from three of ASPIs directors designated by Atlantia, using its best effort to procure the resignation of the rest of ASPIs directors who were appointed by Atlantias designation. Fitch Maintains Atlantia, ASPI and AdR on RWN - Fitch Ratings The sale of ASPI is the latest development of a dispute between Atlantia and the Italian authorities that started in 2018 after the collapse of a motorway bridge in which 43 people died. xC@ :{(VQ&TdrV'g9?4.?MWA12,Y [v9 Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees. We expect the level of ASPI's credit metrics to be commensurate with the sector, but weaker than French peers. Rome, 14 October 2021 Atlantia SpA announces that todays meeting of the Companys Board of Directors, chaired by Fabio Cerchiai, has approved the cessation of The Company operates through five segments: Italian motorways, Overseas motorways, Italian airports, Overseas airports, and Atlantia and other activities. Thereafter, the Atlantia Guarantee will fall away.In terms of financial contribution to the Group, ASPI represents a substantial majority of the assets of the Group and generates the substantial majority of its EBITDA. & Com. Mundys: Improve Moving Life - Mundys For the parent company, the collapse led to a stipulation that it dispose of its operating subsidiary ASPI. The future rating on Atlantia could reflect any legacy risk from the Genoa bridge collapse, depending on the extent of the liabilities Atlantia retains once the ASPI disposal and the settlement agreement with the grantor have been finalized. MSD means the Louisville and Jefferson County Metropolitan Sewer District. The transaction proposed by the BOD on 14 Dec 2020, as already outlined within the demerger plan accepted by the BOD on 24 September 2020 (to be submitted to 2020-12-01 ASPI Investor Kit The public bank Cassa Depositi e Prestiti will pay an initial capital increase of four billions euros to cover Aspi's long-term debts and other 2 billions to buy the residual quote of 18% held by Atlantia in Aspi. Agreement on the sale of Atlantia's entire stake in ASPI signed. If it does not, it is unclear what will happen next. [7] Between 1962 and 1968, the Company was granted the concession for the construction and operation of other motorways. The Company protects its network through a number of measures including physical security, ongoing maintenance and placement of insurance on its network equipment and data centers. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com. S&Ps opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. That said, the large amount of debt within its subsidiary Abertis (29.1 billion gross external debt as of Dec. 31, 2020) is going to depress its consolidated figures. AASHTO means the American Association of State Highway and Transportation Officials. Since the collapse, S&P Global Ratings has lowered its long-term ratings on Italy-based ASPI and its parent Atlantia by five notches to 'BB-', with a developing outlook, based on the risk that the ASPI concession could be terminated or renegotiated on conditions that are more unfavorable for the operator. Bus. Nothing contained herein shall obligate any Purchaser to purchase any Accepted Note on any day other than the Closing Day for such Accepted Note, as the same may be rescheduled from time to time in compliance with paragraph 2B(7). Atlantia Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. In September 2020, a preliminary agreement was reached with Atlantia. Atlantia : Agreement on the sale of Atlantia's entire stake in ASPI signed, CET 9.39 Rome, 12 June 2021 - Following the announcement after the Board of Directors' meeting on. The approval comes after magistrates asked top government officials to appear before them for clarifications regarding the deal, two sources close to the matter told Reuters on Wednesday. In no case shall the Delayed Delivery Fee be less than zero. ABI means Anheuser-Busch InBev SA/NV, its domestic and foreign parents, predecessors, divisions, subsidiaries, affiliates, partnerships and joint ventures (excluding Crown, and, prior to the completion of the Transaction, Modelo); and all directors, officers, employees, agents, and representatives of the foregoing. WebWelcome to ASPI! The Company is active globally. Language links are at the top of the page across from the title. As the developing outlook indicates, we could raise the rating on Atlantia if the risk of a potential termination of the ASPI concession is lifted. ASPI would bear 25% of liabilities over this amount and Atlantia would bear 75% (with a 459 million cap for Atlantia). An editor has performed a search and found that, omit significant information about the subject, Learn how and when to remove this template message, "Autostrade per l'Italia SpA, Company Profile", "Italy, Benetton Talks Reach Crunch Phase on Autostrade Sale Plan", "Autostrade, ai Benetton 2 miliardi e lo Stato pagher il debito: 40 anni per rientrare dalle spese", https://en.wikipedia.org/w/index.php?title=Autostrade_per_l%27Italia&oldid=1146230192, Short description is different from Wikidata, Articles needing additional references from January 2020, All articles needing additional references, Pages using infobox company with a logo from wikidata, Articles with unsourced statements from January 2020, Creative Commons Attribution-ShareAlike License 4.0, Holding Reti Autostradali S.p.A. (88.06%), This page was last edited on 23 March 2023, at 15:28. If the consortium led by Cassa Depositi e Prestiti (CDP) buys ASPI, the credit risks to which ASPI is currently subject would likely decrease considerably, but it remains unclear how much exposure it would retain to the legacy risk from the collapse of the Genoa bridge. It was further reduced to "E-" on 10 October 2019 in relation to the management following the Morandi bridge collapse, and was then finally suspended by press release on 22 September 2022. The timing of the settlement agreement and the effectiveness of the potential disposal remain uncertain, and ASPI's exposure to legacy risk will not be clear until after the disposal and the settlement agreement have been finalized. When it disposes of ASPI, Atlantia will lose a strategic asset that represents 52% of the total Italian motorway network, and its key source of cash flow generation. In 1999, the Autostrade company was privatized. It would also be entitled to receive any proceeds paid by insurers to ASPI. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. The group chaired by Florentino Prez, partner of the Italian company in Abertis, values ASPI at 10,000 million euros. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses. All in all, this caused us to revise our assessment of Atlantia and ASPI's management and governance score to fair from satisfactory. [18], Over the years, the company has received several awards in the area of sustainable development, earning an A rating in 2022 from the Carbon Disclosure Project (Cdp),[19] a score of 73 from Moody's and an improvement in its rating from 'BBB' to 'AA' in the Msci Esg index. Under the current offer, Atlantia would bear all pending or future claims for damages and fines from criminal and civil proceedings up to 150 million. Here, we address in more detail some of the questions we have received from market participants about our ratings on ASPI and Atlantia and the potential rating impact on our ratings on Atlantia's subsidiaries, Aeroporti di Roma SpA (AdR) and Abertis Infraestructuras S.A. Aspi The arrests followed allegations that they misreported or omitted information about the safety of some bridges within ASPI's network in reports to the grantor. Unilateral changes introduced by article 35 of Law Decree 162/2019 have weakened the ASPI concession compared with the original terms. [2] In the following years, the Italian public property will have to finance extraordinary maintenance costs extimated of around 13 billion euros.[3]. Legacy risk could also weigh on our rating on Atlantia. ESI may be located on network servers, backup tapes, smart phones, thumb drives, CDs, DVDs, floppy disks, work computers, cell phones, laptops or any other electronic device that CONSULTANT uses in the performance of its Work or SERVICES hereunder, including any personal devices used by the CONSULTANT or any sub-consultant at home. [citation needed] On May 31, 2021, Atlantia SpA will hold a meeting with shareholders to gauge their view on the latest binding offer submitted by the consortium led by state-owned Cassa Depositi e Prestiti (CDP) for the acquisition of Atlantia's subsidiary Autostrade per I'Italia SpA (ASPI), the bridge operator. STANDARD & POORS PUTS RATINGS OF ATLANTIA AND WebIts with great pride and excitement that we announce the opening of ETIs very first subsidiary. 2003 was marked by a massive reorganisation of the group, the concession activities were separated from non-motorway activities and Autostrade per l'Italia S.p.A., a subsidiary of Autostrade (then Atlantia S.p.A.), was established. ATLANTIA CEASES MANAGEMENT AND COORDINATION OF With regard to sustainability ratings, as of July 2014 Atlantia had a low rating from Standard Ethics Aei of 'E' on a scale of F to EEE[17] If the concession framework moves to a regulated-asset base (RAB) model, it will be positive for the rating, but steep rises in maintenance spending will weigh on metrics in the coming years. We expect the inflow from ASPI disposal to be higher than the current external debt held by Atlantia. This could offer ASPI more protection than its French and Spanish peers, particularly in case of downside scenarios (such as traffic decline). /ratings/en/research/articles/210526-credit-faq-moving-on-atlantia-and-autostrade-per-l-italia-plan-a-divorce-11817149 ESP means the Companys Executive Savings Plan. We expect the close relationship between CDP and the Italian government to pave the way for the approval of a settlement agreement with the grantor, which would ultimately remove the risk that the concession could be terminated or revoked. EG means the Authoritys Enforcement Guide; BTCo means Bankers Trust Company, in its individual capacity, and any successor corporation thereto by merger, consolidation or otherwise. <> Legacy risk remains difficult to quantify, although certain caps may apply under the envisaged transaction. <>>> endobj Fitch On the other hand, Atlantia begins to study the binding offer to acquire 88% of ASPI presented on March 31 by the consortium between the public company Cassa Depositi e Prestiti (CDP) with the Blackstone and Macquarie funds . Under civil law, liabilities may also be levied for direct and indirect damages from the collapse of the bridge and these remain more difficult to predict. [8] The consortium led by Schemaventotto S.p.A. (Edition of Benetton Group 60%, Fondazione CRT with 13.33%, Acesa Italia with 12.83%, Assicurazioni Generali and Unicredito Italiano both at 6.67% and Brisa International SGPS SA with 0.50%) and another one pulled by the Australian bank Macquarie, who retreated at last, were the other groups in the line. Autostrade per l'Italia - Wikipedia To acquire 98.7% of the capital of Abertis the parties invested 16.5 billion. Hence, under our current approach, we would rate AdR at the lower of its stand-alone credit profile ('a-') and our future long-term rating on Atlantia plus two notches. 4 0 obj Schematrentatre S.P.A. completed the acquisition of remaining 67% of stake in Atlantia SpA (BIT:ATL). Depending on the final terms of the ASPI disposal and the settlement agreement with the grantor, for a time we may reflect the risk that ASPI may incur future liabilities as a result of the ongoing criminal and administrative investigations of the bridge collapse. The takeover bid was launched on Atlantia's total shares, that is, 66.90% of its capital, with the exception of the 33.10% stake held by Edizione. The Other activities include infrastructure-related services, such as engineering, maintenance and electronic payment services provided through the Company's subsidiaries. This underpins our expectation that, on average, ASPI will spend more than its peers. Pioneer or the "Company" means Pioneer Natural Resources Company and its subsidiaries. No matter how strong the contractual protections, a collapsing bridge can cost you the business. As a result, the holding company's new shareholding structure is made up of Edizione for about 57%, Blackstone for about 37,8% (through an open-end fund), and, finally, Fondazione CRT for the remaining shares. CDP, Blackstone, Macquarie consortium to acquire leading stake Our Climate Action Plan Read the document. Web2020 TO to RK change IT ofcontrol ExecutiveSummary On24September2020 AtlantiaBoardofDirectors approved adual track processforseparating AutostradeperlItalia (ASPI)and Atlantiavia: Saleof ASPIentire88%stakeviaa competitiveauction Spin-offof ASPIfrom Atlantia Group Please don't hesitate to e-mail us with any questions or inquiries. These regulatory changes, which led to the launch of an informal dialogue between the European Commission and the Italian government in January 2021, created difficult-to-predict liquidity and legal consequences for ASPI and Atlantia in the event of a concession termination. This would include a decision not to exercise the Italian Prime Minister's golden power rights; these can be exercised when strategic Italian companies see a change of control. Under such regime, the level of tolls will be set at levels that generate a predefined return on investments and eligible costs, net of certain productivity and efficiency targets (13.87% return on ASPI existing assets and 7.09% weighted average cost of capital on future capex, the latter to be updated every five years). Download full document. We are an Integrated Real Estate Platform Provider for Aerospace, Technology, Heavy Industrial, Commercial, and Residential Development. [2], As of September 2020, Atlantia owns the 88% of the equity of Aspi, while Edizione, the holding of the Benetton family, owns the 30% of Atlantia. Our 'BB+' rating on AdR is two notches above that on its parent company. Its Airport activities involve the operation of airports in Italy, including Aeroporti di Roma, and in France (Aeroports de la Cote d'Azur). The collapse of the Genoa bridge prompted the government to increase its scrutiny of and focus on maintenance, to promote safety. [citation needed] It has as its activity the management of motorway sections under concession, as well as the carrying out of related maintenance. Autostrade per l'Italia as a whole is valued at 11 billion euros. We could revise the amount depending on the final terms of the ASPI disposal and the settlement agreement. [1], Until 2021, the company is part of the Atlantia group, which owns 88.06% of the share capital and which refers, as the main shareholder, to the Benetton family. Credit FAQ: Moving On: Atlantia And Autostrade per l'Italia Plan A Divorce, Skewed Funding Amplifies Default Risks For China LGFVs, Credit Considerations: The North American Midstream Energy Sector's Momentum Has Slowed, Instant Insights: Key Takeaways From Our Research, Corporate India Is On A Stronger Credit Footing. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. IPS means Integrated Payment Systems Inc., a Delaware corporation and its successors. This may result in liabilities for the company if it is demonstrated that the processes and procedures in place were insufficient to prevent such misconduct. Just over a week later the Hochtief Acs Group launched a bid against the tender offer to acquire the Spanish company. Over time, the cost of these measures, including additional nonremunerated capex, has increased to 3.4 billion. The offer was launched by Schema Alfa, a special purpose vehicle controlled by Schemaquarantadue S.p.A., which is 65% owned by the holding company Edizione (chaired by Alessandro Benetton) and 35% owned by the American private equity fund Blackstone. Press release.pdf [Link] CSDCC means the China Securities Depository and Clearing Co., Ltd. CSRC means the China Securities Regulatory Commission. In June 2021, Atlantia sold its 88% stake in ASPI (comprising its largest Italian motorways) to the newly formed Holding Reti Autostradali spa (HRA). The companys board of directors has taken note of the interest of the Spanish company to acquire a stake in the capital of ASPI in consortium with other national and international investors. To do this, he explains in a statement, the analysis of this project will continue in future meetings. WebWe will continue to consolidate ASPI into Atlantia until after the separation. ASPI's plan for extensive capex may cause us to incorporate a longer timeframe, if we consider that its short-term metrics are not representative of future credit quality.
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