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Atlantia SpA Ratings Placed On CreditWatch Negative On Increased Risks Associated With ASPI Concession
  • 10-Dec-2019 12:55 EST
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  • An increase in operational and regulatory risks means that Italian toll road and airport operator Atlantia SpA faces a heightened likelihood of weaker financial metrics. The contractual protections afforded to the concession operated by Atlantia's subsidiary Autostrade per l'Italia (ASPI) could weaken if the Italian parliament revokes a law governing the concession's legal framework.
  • The recent collapse of a second bridge near Genoa (although the road was not operated by ASPI) and the stalling of Atlantia's potential involvement in the rescue of Alitalia have increased the negative political sentiment towards Atlantia. In an extreme scenario, if the ASPI concession is revoked with no termination payment, in our view this could trigger a liquidity event notably for ASPI, which could be extended to Atlantia.
  • We are therefore placing our 'BBB-/A-3' issuer and 'BB+' issue credit ratings on Atlantia on CreditWatch negative and our 'BBB-/A-3' issuer and issue credit ratings on ASPI on CreditWatch negative. Owing to the risk of a multi-notch downgrade of Atlantia, we are revising to negative our outlook on its Spanish subsidiary Abertis and Abertis' own core subsidiaries HIT and Sanef. We affirmed our 'BBB' credit ratings on Atlantia's operating subsidiary, Aeroporti di Roma (AdR). The outlook on AdR remains negative.
  • The CreditWatch placement indicates that if Atlantia's S&P Global Ratings-adjusted funds from operations (FFO) to debt fell below 10% or the ASPI concession loses its legal protections, we could downgrade Atlantia and ASPI by one notch. In the more extreme scenario of the revocation of the concession, we could lower our ratings on these companies by more than one notch.
 

Outlook On Romania Revised To Negative On Rising Fiscal And External Deficits; 'BBB-/A-3' Ratings Affirmed
  • 10-Dec-2019 16:55 EST
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Overview
  • Large spending deviations by the previous government have forced Romania's current leadership to revise up its fiscal targets for 2019 and 2020, against the backdrop of a slowing economy.
  • Planned wage and pension increases will contribute to a widening of Romania's already substantial current account deficit through 2020.
  • While we assume significant fiscal consolidation commences next year, the rigid budget structure and volatile policy environment pose risks to that assumption.
  • We are therefore revising our outlook on Romania to negative from stable, and affirming our 'BBB-/A-3' ratings.
 
Rating Action:

Moody's affirms Swiss Re's Aa3 IFS and senior debt ratings; outlook stable
16 December 2019






London , December 16, 2019 - Moody's Investors Service ("Moody's") has affirmed the Aa3 Insurance Financial Strength (IFS) and senior debt ratings of Swiss Reinsurance Company Ltd (SRZ). In the same action, Moody's has affirmed the Aa3 IFS and A2(hyb) subordinated debt ratings of Swiss Re Corporate Solutions Ltd (SRCS), and the Aa3 IFS ratings of Swiss Re Life & Health America Inc. (SRLHA) and Swiss Reinsurance America Corporation (SRAC). The outlook is stable.
 

Deutsche Bank AG 'BBB+/A-2' Ratings Affirmed On Early Progress In Restructuring; Outlook Stable
  • 16-Dec-2019 11:32 EST
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  • Since July, Deutsche Bank AG has embarked on a broad and deep multiyear restructuring plan to bring its profitability into line with its cost of capital.
  • We see some positive early progress, most evident in the refocusing of the investment bank and the runoff of exposures in the capital release unit (CRU).
  • However, with substantial operational execution due in 2020 across all divisions, we see this as a critical period that will determine whether, amid an adverse environment, the plan will be successful.
  • We are affirming our 'BBB+/A-2' issuer credit ratings on the bank and its core operating subsidiaries.
  • The unchanged stable outlook acknowledges execution risks, but reflects our expectation that management delivers in line with its financial targets, and that this supports the bank's creditworthiness relative to its peers.
 
Rating Action:
Moody's downgrades Boeing ratings -- senior unsecured to A3, short-term rating to P-2; outlook stable

18 Dec 2019
New York, December 18, 2019 -- Moody's Investors Service, Inc. ("Moody's") downgraded its ratings of The Boeing Company, including the company's senior unsecured and short-term debt, to A3 from A2 and to Prime-2 from Prime-1, respectively. Moody's also downgraded the senior unsecured rating for Boeing Capital Corporation, the debt of which Boeing guarantees, to A3 from A2 and downgraded the senior unsecured rating on Boeing's FLT Industrial Revenue Bonds Ser. 1999A to A3/VMIG 2 from A2/VMIG 1. The outlook for both entities was changed to stable from negative.



"The downgrades follow the extension of the grounding of the 737 MAX into 2020, the announced plan to shut down this important program for some interim period, and the uncertainty and elevated risk -- both financial and operational -- for Boeing and its broader supply chain over the ensuing period,," said Moody's lead analyst, Jonathan Root.



Moody's notes the regulatory uncertainty regarding when the 737 MAX will be allowed to return to service across the globe and the potential future regulatory burdens regarding certification of new-design and updated aircraft. The suspension of assembly of 737 MAXes for an unspecified timeframe that Boeing announced on December 16 will increase costs for the program, including ongoing financial support to many suppliers; and increase risk in the production system, currently, and in the ramp-up phase once assembly re-starts. The extended grounding will increase airlines' and lessors' claims for compensation. The program costs that will be accrued and realized pro-rata with future deliveries, and anticipated increases in compensation claims by airlines will lower the 737 program margins and cash generation for years to come. Moreover, Moody's considers that Boeing's reputation can be adversely affected as the grounding extends and from its governance mis-steps with broadening social considerations related therefrom, which could have a more lasting impact on the company's business.
 
Rating Action:
Moody's changes outlook on Enel Americas to positive; affirms rating

19 Dec 2019
New York, December 19, 2019 -- Moody's Investors Service ("Moody's") today changed to positive from stable the outlook on Enel Américas S.A. (ENIA). Moody's also affirmed the 'Baa3' senior unsecured rating of ENIA.
 
Italian infrastructure group Atlantia on Friday suffered its second debt downgrade in a month, slipping further into junk territory, as the government considers revoking the group's motorway concession following a deadly bridge collapse.
Controlled by Italy's Benetton family and in charge of the country's biggest motorway network, Atlantia SpA has been in the crosshairs since a concrete bridge operated by its Autostrade per l'Italia unit collapsed in the city of Genoa in August 2018, killing 43 people.
The Rome government is expected to discuss soon the possibility of revoking Autostrade's licence after recently passing measures to curb compensation owed for the early termination of a contract when the concession holder is in breach of its obligations.
Citing increasing political pressure on Atlantia and risks over the concession, credit rating agency Moody's on Friday cut Atlantia's debt by one notch to "Ba2" - a month after depriving the group of its investment grade status.
It also pushed Autostrade's debt into "junk" by cutting its rating to "Ba1" from "Baa3," following a downgrade a month ago.
The ratings remain under review for possible further cuts.
 
Rating Action:
Moody's rates A1 Banco Estado's $750 million senior US dollar notes

06 Jan 2020
New York, January 06, 2020 -- Moody's Investors Service ("Moody's") has today assigned an A1 global foreign currency debt rating to Banco del Estado de Chile's (Banco Estado) $750 million fixed-rate five-year senior unsecured notes. The rating has a stable outlook.



The following rating was assigned to Banco Estado's $750 million fixed-rate five-year senior unsecured notes:

Long-term foreign currency senior unsecured debt rating: A1, stable outlook.
 
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