Salini Spa recently acquired 88% of Impregilo SpA, and the two companies plan to complete a reverse merger by the end of this year. To repay part of the existing acquisition financing facility, Salini is planning a refinancing, including a €350 million bond issue. We are assigning our 'BB' preliminary long-term corporate credit rating to Salini and preliminary 'BB-' rating to the proposed bond issue. The outlook is stable, reflecting our view that Salini is likely to maintain credit ratios in line with a "significant" financial risk profile. MILAN (Standard&Poor's) July 18, 2013--Standard&Poor's Ratings Services said today it has assigned its 'BB' preliminary long-term corporate credit rating to Italy-based construction company Salini SpA (Salini).The outlook is
