Bulletin: Salini Impregilo Offer For Astaldi Supports Sector Consolidation But May Heighten Financial Risk In The Short Term

MILAN (S&P Global Ratings) Feb. 15, 2019--S&P Global Ratings today said that, if approved by the courts, Salini Impregilo SpA's €225 million offer for a controlling stake in Astaldi SpA would not improve the Italy-based construction company's business risk profile but could constrain its ability to deleverage in the short term. Until the court reaches a decision, we cannot assess the possible impact on credit metrics and liquidity. At this time, the ratings and CreditWatch on Salini Impregilo (BB/Watch Neg/--) are unchanged. On Feb. 14, 2019, Salini Impregilo presented an offer to invest in Italian engineering and construction group Astaldi (D [default]), which has been troubled by delayed asset disposals and outstanding debt payments. Post completion of the composition, Salini

...MILAN (S&P Global Ratings) Feb. 15, 2019--S&P Global Ratings today said that, if approved by the courts, Salini Impregilo SpA's 225 million offer for a controlling stake in Astaldi SpA would not improve the Italy-based construction company's business risk profile but could constrain its ability to deleverage in the short term. Until the court reaches a decision, we cannot assess the possible impact on credit metrics and liquidity. At this time, the ratings and CreditWatch on Salini Impregilo (##/Watch Neg/--) are unchanged. On Feb. 14, 2019, Salini Impregilo presented an offer to invest in Italian engineering and construction group Astaldi (D [default]), which has been troubled by delayed asset disposals and outstanding debt payments. Post completion of the composition, Salini Impregilo would hold 65% of Astaldi by subscribing to a reserved cash capital increase, and would designate the proceeds to repay Astaldi's secured and super senior debt, and to support the ongoing business of the...

Bulletin