...Autostrade per l'Italia SpA's (ASPI) Long-Term Issuer Default Rating (IDR) of `BBB' reflects its large, mature and strategically located network in Italy as well as its reliable regulatory asset base framework. ASPI's debt structure is substantially uncovenanted and unsecured; however, refinancing risk of its non-amortising debt is mitigated by a well-diversified range of bullet maturities, demonstrated solid access to bond markets, and proactive debt-management policy. The Fitch rating case (FRC) assumes the current economic financial plan to remain in place for 2024-2028, with annual tariff increases of 1.5%-1.6% and yearly investments at EUR1.6 billion. The FRC projects ASPI's adjusted average leverage at 5.0x-5.5x, consistent with the rating. ASPI has submitted the updated 2025-2029 economic financial plan proposal to the grantor as part of a five-year regulatory plan update. The approval is expected in 2025, although further delays are possible. The new plan involves increased investments,...
