...January 17, 2022 PARIS (S&P Global Ratings) Jan. 17, 2022--S&P Global Ratings today assigned its '##-' issue rating to the sustainability-linked notes of up to 500 million, due in 2026, to be issued by Italian construction company Webuild S.p.A. (##-/Stable/--). The '4' recovery rating reflects the proposed notes' unsecured and unguaranteed nature, as well as their structural subordination to prior-ranking claims. We estimate recovery prospects at 30%. Most of Webuild's bank lines and revolving credit facilities rank pari passu with this proposed issuance. The issue and recovery ratings on the proposed notes are based on preliminary information and subject to their successful issuance and our satisfactory review of the final documentation. Webuild intends to use the proceeds to refinance existing debt, mainly maturing in 2022, and for general corporate purposes. The new capital structure would have an average remaining term of about four years. The new notes will also have sustainability-linked...
