With the amendment of the bank loan signed in December, Italy-based construction company Salini has completed all the steps indicated in its refinancing plan. The new financial structure has lengthened the debt maturity, eliminated the security package on the remaining part of the loan financing Salini's acquisition of Impregilo, and set up a committed revolving credit facility. We are assigning our 'BB' long-term corporate credit rating to Salini and our 'BB-' issue rating to the company's €400 million senior unsecured notes. The outlook is stable, reflecting our view that Salini will likely maintain its credit ratios in line with our assessment of its financial risk profile as "significant" and that its profit margin will gradually improve. MILAN (Standard&Poor's)
