We believe that Italy-based toll-road and airport operator Atlantia SpA should benefit from the slow economic recovery in the eurozone and better traffic and passenger trends in Italy. This should help the group to strengthen its cash flow and gradually improve its credit metrics. We are therefore revising the outlook on Atlantia to stable from negative and affirming the long- and short-term corporate credit ratings on the group at 'BBB+/A-2'. We are taking the same actions on Atlantia's wholly owned subsidiaries Autostrade per I'Italia and Aeroporti di Roma, in accordance with our group rating methodology. The stable outlook reflects our forecast that Atlantia's Standard&Poor's-adjusted funds from operations to debt will be around 13% in 2014, and improve from
