Società di Progetto Brebemi S.p.A.: Rating Report

On 9 June 2021, DBRS Ratings GmbH (DBRS Morningstar) confirmed Società di Progetto Brebemi S.p.A.'s (Brebemi) Issuer Rating as well as the ratings on its EUR 307.0 million Senior Secured Loan, EUR 15.0 million Senior Secured Amortising Floating-Rate Notes (Class A1 Notes), EUR 934.0 million Senior Secured Amortising Fixed-Rate Notes (Class A2 Notes), and EUR 558.0 million Senior Secured Zero-Coupon Notes (Class A3 Notes) at BBB (low) with Negative trends.

DBRS Morningstar also removed the ratings from Under Review with Negative Implications, where they were placed on 18 June 2020 due to the significant headwinds and uncertainties generally facing toll roads as a result of the Coronavirus Disease (COVID-19) outbreak and the potential for these conditions to specifically affect Brebemi’s credit profile.