PARIS (S&P Global Ratings) Jan. 10, 2020--S&P Global Ratings today assigned its 'BB-' issue rating to Italian construction company Salini Impregilo SpA's (BB-/Positive/--) proposed senior unsecured notes of up to €690 million, which are due in 2027. The '4' recovery rating reflects the notes' unsecured and unguaranteed nature, and structural subordination to significant prior-ranking claims. We estimate recovery prospects at 35%. 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 subject to their successful issuance and our satisfactory review of the final documentation. Salini Impregilo intends to use the proceeds of the proposed issuance to refinance most of its existing €600 million
