...- We expect a COVID-19-related traffic decline will have a significant impact on Atlantia, reflecting its toll road network's concentration in Italy, France, and Spain, and its exposure to airports. - We therefore estimate that Atlantia's EBITDA could decline by about 25%-30% in 2020, and its funds from operations (FFO) to debt will remain at about 10%-11% on average over 2020-2022. - No decision has been made regarding the concession of ASPI, Atlantia's core subsidiary, following ratification of the Milleproroghe Decree by the Italian parliament on Feb. 26, 2020, with the uncertainty surrounding its future continuing to underpin our ratings. - We are therefore keeping our '##-/B' ratings on Atlantia and its core subsidiary Autostrade per l'Italia (ASPI) on CreditWatch negative, where we placed them on Jan. 13, 2020. - The negative CreditWatch indicates that we could lower the ratings by more than one notch if a liquidity risk materializes, for example if ASPI concession is revoked, or...
