...- Infrastructure holding company Atlantia SpA has announced the issuance of 1 billion of 1.875% senior unsecured notes due 2028 to bolster its liquidity buffer and partially refinance the 1.2 billion term loan due 2022. - The notes rank pari passu and cross default with the 1.75 billion existing notes issued by Atlantia and we believe that they are exposed to the liquidity risk underpinning our developing outlook. - We are therefore assigning a '##-' issue rating to Atlantia's 1 billion proposed notes with a '3'(90%) recovery rating. - In our recovery analysis on Atlantia, linked to a potential liquidity contagion risk from core subsidiary ASPI, we do not expect any residual equity value from ASPI since we assume that the termination payment would largely be used to repay ASPI's debt. - The developing outlook reflects that we could take a positive rating action on Atlantia and ASPI if a settlement agreement regarding the ASPI concession is finalized, but, until this happens, downside risk...
