...June 10, 2024 MILAN (S&P Global Ratings) June 10, 2024--S&P Global Ratings today assigned its '##' issue rating to the proposed senior unsecured notes of up to 600 million, due in 2029, 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...
