It would also be entitled to receive any proceeds paid by insurers to ASPI. The amount of any fine may be net of remediation actions ASPI has already put in place, such as the reconstruction of the bridge and the increased maintenance of its network. 10 June 2021, Atlantia informs that it has signed with the Consortium consisting of CDP Equity SpA, The Blackstone Group International Partners LLP and Macquarie European Infrastructure Fund 6 SCSp, the agreement for the sale of its entire stake held in Autostrade per l'Italia. Native files are a subset of ESI and refer to the electronic format of the application in which such ESI is normally created, viewed, and /or modified. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of ASPI, Inc.
Casts Wary Eye on Australian Port Leased by Chinese, New York Times, March 20, 2016; Patrick Cronin and Phoebe Benich, The Port of Darwin As a Gray Zone Situation, ASPI Strategist, November 27, 2015; Lauren Dickey, What Are the Chinese up to in Australia? War on the Rocks, December 3, 2015; Jason Scott, China Spy Fears Over Aussie Port Deal Are Absurd, [Australian] Defense Says, Bloomberg News, December 14, 2015. Signature Date Signature Date Any modification, change, or reformation of this AGREEMENT shall require approval as to form by the Office of the Attorney General. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user.
Fitch Maintains Atlantia, ASPI and AdR on RWN - Fitch Ratings The focus on governance has led, among other things, to the appointment of new CEOs at both Atlantia and ASPI and new independent directors within ASPI's board of directors. This Italian corporation or company article is a stub. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. Andrea Mangoni (CEO), Edizione S.P.A. (Through Sintonia S.P.A): 57%, Fondazione Cassa di Risparmio di Torino: 5,2%, This page was last edited on 26 June 2023, at 17:25. For example, in the aftermath of the collapse, the Italian grantor did not approve any increases in annual tariffs for operators that had not delivered the maintenance included in their economic and financial plans (PEFs). Depending on the future portfolio and governance of the group, we may change our rating approach, including using alternative consolidation methods (for example, proportionate or equity consolidation) if we think that consolidated reported figures do not represent Atlantia's credit risk. Despite the expected reduction in leverage at the holding company level, we anticipate the large external debt within the Abertis group (reported to be about 29.1 billion, as of Dec. 31, 2020) will weigh on Atlantia's metrics after the ASPI disposal. The Content is provided on an as is basis. The binding offer by the CDP-led consortium reflects an equity value of 9.1 billion for ASPI, excluding indemnities and earn-out mechanisms. See, for example, Jane Perlez, U.S. While Atlantia, ASPI and the government S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. The change of control at ASPI could affect the rating, depending on its future ownership. We understand ASPI and the grantor will sign an addendum to the original concession, as part of the settlement, which would include a mutual interpretation of such changes. Exhibit B DBE Participation Exhibit C Preparation and Delivery of Electronic Engineering and Other Data In this Exhibit the agency, as applicable, is to provide a description of the format and standards the consultant is to use in preparing electronic files for transmission to the agency. We expect the level of ASPI's credit metrics to be commensurate with the sector, but weaker than French peers. Submit your news to us for free distribution today. If it does not, it is unclear what will happen next. We usually assess companies' credit metrics based on the weighted-average forecast for the next two-to-three years. In September 2020, a preliminary agreement was reached with Atlantia. In our latest forecasts for ASPI, we have assumed: In addition, we assumed that ASPI's capex will be as described in the PEF submitted to the grantor. The costs of social responsibility are high and pervasive. As a result, certain business units of S&P may have information that is not available to other S&P business units. The Italian
Under such regime, the level of tolls will be set at levels that generate a predefined return on investments and eligible costs, net of certain productivity and efficiency targets (13.87% return on ASPI existing assets and 7.09% weighted average cost of capital on future capex, the latter to be updated every five years). Under the current offer from CDP, ASPI would bear 25% of the legacy liabilities in excess of 150 million and Atlantia would bear the remaining 75% (capped at 459 million for Atlantia). An editor has performed a search and found that, omit significant information about the subject, Learn how and when to remove this template message, "Autostrade per l'Italia SpA, Company Profile", "Italy, Benetton Talks Reach Crunch Phase on Autostrade Sale Plan", "Autostrade, ai Benetton 2 miliardi e lo Stato pagher il debito: 40 anni per rientrare dalle spese", https://en.wikipedia.org/w/index.php?title=Autostrade_per_l%27Italia&oldid=1146230192, Short description is different from Wikidata, Articles needing additional references from January 2020, All articles needing additional references, Pages using infobox company with a logo from wikidata, Articles with unsourced statements from January 2020, Creative Commons Attribution-ShareAlike License 4.0, Holding Reti Autostradali S.p.A. (88.06%), This page was last edited on 23 March 2023, at 15:28. Atlantia has insisted in these months that it will not deliver ASPI to the State, but that it will sell it within a market process that generates value for its shareholders. Over time, the cost of these measures, including additional nonremunerated capex, has increased to 3.4 billion. It also depends on its access to their cash flow generation and the strategic importance of its subsidiaries, which could lead, for example, to support in case of need. Terms of Use Privacy Statement, Gateway to Grant County International Airport and Future Boeing 7E7 Assembly Site, Proposed 50 Acres Site for Data Center Campus, Contiguous to 30 Megawatts PUD backup power center, Environmental Site Assessment Completed By Dames & Moore and EPA, Next to Grant County Int'l Airport w/ US Customs & FTZ #203. Download full document. S&P does not act as a fiduciary or an investment advisor except where registered as such. Autostrade per l'Italia as a whole is valued at 11 billion euros. Atlantia has two other main subsidiaries: our rating on Aeroporti di Roma SpA (AdR) is still linked to that on its parent, but our rating on Abertis Infraestructuras S.A. has been delinked from that on its controlling parent. The disposal proceeds of 8 billion, as per the binding offer for its 88% stake in ASPI, would more than outweigh its current external debt of 3.75 billion (pro forma figures as of March 31, 2021). Spain-based construction company ACS has also expressed an interest in ASPI. ESI may be located on network servers, backup tapes, smart phones, thumb drives, CDs, DVDs, floppy disks, work computers, cell phones, laptops or any other electronic device that CONSULTANT uses in the performance of its Work or SERVICES hereunder, including any personal devices used by the CONSULTANT or any sub-consultant at home. Atlantia would also be solely liable for environmental damages payable to the Ministry of Environment, up to 412 million. At present, the liquidity risks associated with the lack of a settlement agreement keeps the rating on ASPI at speculative-grade. ASPI would bear 25% of liabilities over this amount and Atlantia would bear 75% (with a 459 million cap for Atlantia). The long-lasting and costly dispute over the concession under which the Morandi bridge in Genoa was operated, before it collapsed in August 2018, may at last be approaching resolution. [7] Between 1962 and 1968, the Company was granted the concession for the construction and operation of other motorways. Nevertheless, the expected move to a RAB model would be credit positive. WebAs notified to the subsidiary Autostrade per lItalia SpA (Autostrade per lItalia or ASPI) on 26 March 2013 to join the criminal proceedings as a civil party with respect to case 9147/2007 (the "Proceedings"), brought by the Florence Public Prosecutor's Office in 2007 for alleged breaches of Atlantia, controlled by the Benetton family, said the closing of the deal would require up to 30 days after the courts approval. As a holding company, our rating on Atlantia considers the quality of the assets in its portfolio and its access to their cash flows; Abertis, for example, is controlled with a 50% plus one share. The format and standards to be provided may include, but are not limited to, the following: DPI means the North Carolina Department of Public Instruction.
2020-12-01 ASPI Investor Kit RATING RATIONALE The rating actions Rome, 14 October 2021 Atlantia SpA announces that todays meeting of the Companys Board of Directors, chaired by Fabio Cerchiai, has approved the cessation of Since the collapse, S&P Global Ratings has lowered its long-term ratings on Italy-based ASPI and its parent Atlantia by five notches to 'BB-', with a developing outlook, based on the risk that the ASPI concession could be terminated or renegotiated on conditions that are more unfavorable for the operator. If the consortium led by Cassa Depositi e Prestiti (CDP) buys ASPI, the credit risks to which ASPI is currently subject would likely decrease considerably, but it remains unclear how much exposure it would retain to the legacy risk from the collapse of the Genoa bridge. Additional filters are available in search. within the SE Italian Index. 4 0 obj
The Association of Suppliers to the Paper Industry ( ASPI) is the forum to connect industry leaders. [3], The main shareholders are: Edizione (a company of the Benetton family), Blackstone and the CRT Foundation. Ratings We are an Integrated Real Estate Platform Provider for Aerospace, Technology, Heavy Industrial, Commercial, and Residential Development. 2 0 obj
In order to preserve the group's integrity and Italian identity, the Benetton family, in alliance with the U.S. fund Blackstone Inc, announced a defensive takeover bid in mid-April, so as to secure the group from possible financial counteroffensives, such as the one promoted by Perez. The 19 billion takeover bid for Atlantia at 23 euros per share was launched on 10 October 2022. The public bank Cassa Depositi e Prestiti will pay an initial capital increase of four billions euros to cover Aspi's long-term debts and other 2 billions to buy the residual quote of 18% held by Atlantia in Aspi. This signifies that AdR's own concession agreements with the grantor include regulatory oversight, although AdR is not exposed to any cross-defaults or guarantees from Atlantia. As a result, the holding company's new shareholding structure is made up of Edizione for about 57%, Blackstone for about 37,8% (through an open-end fund), and, finally, Fondazione CRT for the remaining shares. After the collapse of the Ponte Morandi of Genoa in August 2018 and the death of 43 people, the Italian government tried to enter in the property and management of the national highway network. Under civil law, liabilities may also be levied for direct and indirect damages from the collapse of the bridge and these remain more difficult to predict. [4], Atlantia changed its name to Mundys on 15 March 2023.[5]. [15], As of December 2019, Atlantia had an EBITDA of 5.7 billions euros, financial debts for 36.7 bln (in respect of 38.8 bln of the previous year) and net profits for 136 million euros (in respect of 775 mln declared in 2018).[16]. [9] In 2007, the board of directors approved the change of name into Atlantia S.p.A.[10], In 2013, the merger by incorporation of Gemina S.p.A.,[11][12] the majority shareholder of ADR (Aeroporti di Roma) into Atlantia, was concluded, with the consequent aggregation of a second core business in addition to the motorway concessions. Pioneer or the "Company" means Pioneer Natural Resources Company and its subsidiaries. Some employees of ASPI and Atlantia's subsidiary SPEA, responsible for the monitoring of the network, were arrested in September 2019. Abertis will become the largest source of dividends and we estimate its contribution to EBITDA in Atlantia's consolidated accounts will increase to about 70%-75%, from 50% in 2019. AASHTO means the American Association of State Highway and Transportation Officials. %PDF-1.5
Autostrade per l'Italia S.p.A. is an Italian joint-stock company, originally born as a publicly owned company under the control of IRI, but privatized in 1999 and then incorporated in its current form in 2003. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. <>>>
Both ASPI and AdR are infrastructure assets managed and owned by Atlantia. If a settlement agreement is finalized, we expect the risk of a concession termination to be removed, which would meaningfully decrease credit risks for ASPI.
Italy's audit court approves sale of Atlantia unit Autostrade in deal When it disposes of ASPI, Atlantia will lose a strategic asset that represents 52% of the total Italian motorway network, and its key source of cash flow generation. SBI means State Bank of India (Client) having its Corporate Centre at Madame Cama Road, Nariman Point, Mumbai- 400 021 and its representative Local Head Offices/Administrative Offices/Regional Business Offices/Branches at various places across India and includes the clients representatives, successors and assigns. Even though it accounted for less than 1% of ASPI's revenue, the Genoa bridge collapse had significant ramifications. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. ROME (Reuters) - Italys audit court said on Thursday it had approved the sale of Atlantias unit Autostrade per lItalia (ASPI) to a group of investors, paving the way for a
Fitch Downgrades Atlantia, ASPI and AdR; Ratings on RWN The shareholding structure is as follows: On 14 August 2018, the Atlantia managed Morandi Bridge collapsed causing the death of 43 people.
Atlantia Will Study ACS Offer For A Subsidiary In Italy
Old Town Tavern Sheffield,
Nccc Athletic Director,
Afa Softball Las Vegas,
Difference Between Pbr322 And Pbr327,
Articles A