...- Italy-based infrastructure group Atlantia SpA controls 88% in Italian motorway company Autostrade per l'Italia (ASPI) and 50% (+1 share) in Spain-headquartered toll road group Abertis (Abertis' minority shareholder is ACS/Hochtief). - In August 2018, an ASPI-operated motorway bridge in Genoa collapsed, triggering several investigations and the risk that the government might terminate ASPI's operating concession. - On Jan. 13, 2020, we downgraded ASPI and Atlantia and placed them on CreditWatch with negative implications following the Law Decree n. 162/2019 (the Milleproroghe) which exempted revoking toll road concessions from the receipt of a timely termination payment by the grantor and rendering the process less costly than under the ASPI concession. - On Feb. 26, 2020, the Italian Parliament ratified the Milleproroghe with no changes and in our view the risk of a termination on ASPI's concession remains. - Nevertheless, the potential deterioration of Atlantia's credit risk stemming...
