...MILAN (S&P Global Ratings) Oct. 18, 2017--S&P Global Ratings said today that it has assigned its '##+' issue rating to the proposed about 400 million senior unsecured notes due in 2024 to be issued by Italian construction company Salini Impregilo S.p.A. (##+/Stable). The '4' recovery rating reflects the notes' unsecured and unguaranteed nature, and structural subordination to significant prior-ranking claims. We estimate recovery prospects at 40%. Most bank lines and revolving credit facilities rank pari-passu with the bonds. The issue and recovery ratings on the proposed notes are based on preliminary information and are subject to their successful issuance and our satisfactory review of the final documentation. Salini intends to use the proceeds of the proposed notes to refinance at maturity the existing 283 million of unsecured notes maturing in 2018, and repay a portion of its bank debt. In addition, Salini is negotiating to lengthen the maturities of some of its bank lines. If this...
