...January 21, 2021 MILAN (S&P Global Ratings) Jan. 21, 2021--S&P Global Ratings said today that Webuild S.p.A's plans to add 150 million to the existing 550 million senior unsecured notes maturing in December 2025, will not move the group's leverage metrics from the thresholds of the current rating (##-/Watch Neg/--). All the ratings on Webuild remain on CreditWatch with negative implications. We understand that Webuild intends to use the proceeds to repay an equivalent amount of existing indebtedness, which we view as leverage neutral. The '##-' issue rating, with a '4' recovery rating on the group's senior unsecured notes is unchanged given that the amount of total unsecured debt remains the same. The '4' recovery rating continues to indicate our expectation of average (30%-50%; rounded estimate: 35%) recovery in our simulated default scenario. Most of Webuild's bank lines and revolving credit facilities rank pari-passu with this proposed issuance. We expect the documentation for the proposed...
