...December 1, 2020 PARIS (S&P Global Ratings) Dec. 1, 2020--S&P Global Ratings today assigned its '##-' issue rating to the senior unsecured notes of up to 500 million, due in 2025, to be issued by Italian construction company Webuild S.p.A. (##-/Watch Neg/--). 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 35%. Most of Webuild's bank lines and revolving credit facilities rank pari-passu with this proposed issuance. 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. Webuild intends to use the proceeds to refinance its existing 479 million unsecured notes, maturing in June 2021, and general corporate purposes. The new capital structure would have an average maturity of about four years. We expect the documentation for...
