LONDON (S&P Global Ratings) July 17, 2019--S&P Global Ratings said today that it expects the potential participation of Italy-based toll road and airport operator Atlantia SpA in the financial rescue of ailing Italian airline Alitalia to have a manageable direct impact on Atlantia's financial metrics. Our forecasts assume that Atlantia will inject €300 million-€400 million of equity for a noncontrolling 35%-40% stake in the new Alitalia. While we see this investment as risky, we believe it is influenced by Atlantia's efforts to manage its position with the public and political parties while uncertainty remains on the potential renegotiation or revocation of the Italian motorway concession managed by Atlantia's subsidiary Autostrade per I'Italia (ASPI). The increased likelihood of Atlantia's participation in
