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Atlantia

Atlantia is the holding company of Autostrade per l'Italia which is the largest toll motorway builder and operator in Italy. With 5,000 km of infrastructure under concession (5 Italian concessions and 12 international ones in Brazil, Chile, India and Poland), it operates 61% of the national toll network in Italy. International expansion has accelerated in 2012, with the acquisition of Grupo Costanera in Chile (313 km under concession) and the set up of a JV in Brazil (1,538 km). The group has smaller operations in Poland and India. After having been one of the "purest" European toll road operators for some time, ATL merged with Gemina, the holding company that owns Fiumicino and Ciampino airports in Rome, in 2013 and carries out activities linked to airport management. In 2016 ATL generated 65% of its consolidated revenues from Italian toll roads, 15% from airports, 4% from Brazilian motorways, 3% from Chilean motorways, 2% from other motorways and 11% from other activities. (02 Jan 2018)

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Autostrade & Atlantia: Downgraded by Moody's

Worth Watching: 26 Oct 2018, 6:34 AM ET - Autostrade & Atlantia  both saw their credit ratings cut by one notch at Moody's after markets closed yesterday, following the review for downgrade in late August after the collapse of the Morandi bridge (Autostrade & Atlantia: On Review at Moody' ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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Autostrade: Disputes Government Findings on Bridge

Worth Watching: 26 Sep 2018, 9:06 AM ET - Autostrade (Baa1/BBB+/A-) provided its response after the Italian Ministry of Infrastructure & Transport published the findings of its Inspection Commission yesterday afternoon, which had been set up to ascertain the causes of the collapse of t ..
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Autostrade Webcast Transcript: Genoa Bridge

Transcript: 03 Sep 2018, 9:34 PM ET - We provide a transcript of the Autostrade/Atlantia webcast published on August 30th, 2018.
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WEBCAST-Autostrade/Atlantia: Genoa Bridge Disaster

IG Note: 30 Aug 2018, 4:14 AM ET - In light of the recent articles CreditSights has published on Autostrade and Atlantia, the team has recorded a webcast to help investors understand the implications of the Genoa bridge disaster.
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Autostrade & Atlantia: On Review at Moody's

Worth Watching: 23 Aug 2018, 5:55 AM ET - Autostrade & Atlantia saw their senior unsecured ratings placed on review for downgrade at Moody's yesterday evening, following the collapse of the Morandi bridge on Autostrade's A10 toll road. Autostrade is currently rated Baa1 at the agency ..
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Autostrade/Atlantia: More Thoughts, More Noise

Company Analysis: 21 Aug 2018, 9:20 PM ET - We provide an update to our views on Autostrade's bond documentation, in the event its concession is revoked, and highlight the key events during the course of yesterday on this volatile situation.  
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Euro Toll Roads: Wider Implications Of Genoa

Sector Analysis: 20 Aug 2018, 10:57 PM ET - We expect the Genoa bridge disaster will lead to increased capex and more intensive bridge monitoring for toll road operators across Europe. 
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Autostrade/Atlantia: What Next in the Blame Game?

Company Analysis: 19 Aug 2018, 9:46 PM ET - We take a look at the current situation with Autostrade and Atlantia, at what we do know and more importantly at the uncertainties to which we currently have no answer.
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Atlantia: Moved to Negative Watch at S&P

Worth Watching: 17 Aug 2018, 5:45 AM ET - Atlantia (Baa2/BBB+▼/BBB+) was moved to negative watch at S&P yesterday evening, following the collapse of the Genoa bridge on Autostrade's A10 toll road. The negative watch extends to ratings on subsidiaries of Atlantia including Autostrade Per I ..
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Autostrade: Moving to U/P on Bridge Uncertainty

Worth Watching: 15 Aug 2018, 8:20 AM ET - Autostrade (Baa1/BBB+/A-): In the wake of the collapse of the Morandi bridge near Genoa yesterday (Atlantia: Genoa Bridge Collapse) the Italian Infrastructure and Transport minister, Danilo Toninelli, has said that Autostrade may have its licen ..
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Atlantia: Genoa Bridge Collapse

Worth Watching: 14 Aug 2018, 9:53 PM ET - Atlantia (Baa2/BBB/BBB+) saw its shares fall by 5.4% yesterday following the collapse of an 80-metre section of the Morandi bridge, near Genoa. The bridge is on the A10 Genoa-Savona highway, currently operated by Atlantia's subsidiary, Autostrad ..

ASF & Cofiroute 1H18: Steady Performance

Earnings Note: 14 Aug 2018, 9:52 PM ET - ASF and Cofiroute reported sound 1H18 results, with net leverage broadly unchanged on YE17 following higher dividend payments.

SIAS 1H18: Upgrading to M/P on Valuation Grounds

Earnings Note: 09 Aug 2018, 9:53 PM ET - Following an assessment of SIAS' 1H18 financials and RV against peers in the TRO universe, we are switching to a Market perform view from an Underperform recommendation.

Brisa 1H18: Fundamentally Strong, Staying O/P

Earnings Note: 07 Aug 2018, 9:30 PM ET - We are rolling our Outperform recommendation on Brisa Concessao following its 1H18 results. 
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European Toll Roads: Sector Update & 2Q18 Preview

Sector Analysis: 24 Jul 2018, 10:21 PM ET - Ahead of 2Q18 earnings, we provide an update on the TRO sector's key drivers of operating performance, the likely evolution of credit metrics, and recent developments in relation to M&A, concession extensions & bond issuance.

ASF: New €500 mn 2028 Bonds

IG Note: 21 Jun 2018, 5:42 AM ET - French toll road operator, ASF, is in the market this morning with a new €500 mn ten-year senior unsecured bond.

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.
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Atlantia: Worst Timing to Try to Issue New Bonds

IG Note: 30 May 2018, 10:34 PM ET - Atlantia was roadshowing last week, as the company has significant issuance needs this year to cover funding for the Abertis takeover. However, with the market jittering  over the political situation in Italy, the deal has gone quiet.
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Atlantia & Abertis 1Q18: It’s Happening!

Earnings Note: 24 May 2018, 9:35 PM ET - Abertis' and Atlantia's operating stories are currently overshadowed by the risks stemming from the joint takeover of Abertis by Atlantia, Spanish ACS and German Hochtief.

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