Autostrade per I'Italia's (ASPI) concession is subject to increased regulatory and operational risk in the aftermath of the Genoa bridge collapse. As yet, the government has not taken any steps to start the revocation of the concession. However, the government's somewhat negative, and at times contradictory, sentiment toward privately owned infrastructure, in particular roads, raises uncertainty on the future operating environment and could lead to tougher concession terms on new investments. These operational uncertainties, coupled with potential for drawn-out legal proceedings, may result in ASPI, and its owner Atlantia, facing challenging conditions to refinance on the capital markets, which could lead to higher refinancing costs. We are therefore lowering the issuer credit rating on Atlantia and ASPI to 'BBB' from
