...- The completion of the voluntary tender offer and subsequent delisting of Italian infrastructure group Mundys (formerly Atlantia SpA) has not changed our view of its credit quality. - We do not link our view of Mundys' credit quality to that of its largest shareholder Edizione (57% stake) in view of a shareholder agreement that requires the consent of Blackstone Infrastructure Partners (BIP; 37.8% stake) on strategy and use of cash flows. - Mundys' debt is in line with our expectations, with the 8.2 billion bridge-to-cash facility raised to delist the company now fully repaid from the proceeds of the Autostrade per l'Italia (ASPI) disposal. - We therefore affirmed our '##+' long-term issuer credit and issue ratings on Mundys, along with our 'B' short-term issuer credit rating. - The stable outlook reflects our expectation that the group will be able to generate funds from operations (FFO) to debt of 11%-12% in 2023-2024, will continue to generate cash flows from stable infrastructure assets,...
