...September 18, 2023 MILAN (S&P Global Ratings) Sept. 18, 2023--S&P Global Ratings today assigned its '##' issue rating to the senior unsecured notes of up to 500 million, due in 2028, to be issued by Italian construction company Webuild SpA (##/Stable/--). The '4' recovery rating reflects the proposed notes' unsecured and unguaranteed nature, as well as their structural subordination to prior-ranking claims. We estimate recovery prospects at 40%. The proposed notes will rank pari passu with all Webuild's existing unsecured senior debt. Webuild intends to use the proceeds to partially refinance existing debt and for general corporate purposes. 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. We expect the documentation for the proposed notes will be broadly in line with that for the existing notes. We understand the documentation includes one incurrence...
