Moody's downgrades Astaldi's PDR to Ca-PD/LD after expiration of grace period for missed interest payment
Rating Action: Moody's downgrades Astaldi's PDR to Ca-PD/LD after expiration of grace period for missed interest payment. Global Credit Research- 04 Jan 2019. Frankfurt am Main, January 04, 2019-- Moody's Investors Service has today downgraded to Ca-PD/LD from Caa2-PD the probability of default rating of Italian construction company Astaldi S.p.A. after the group has missed to pay the interest on its EUR750 million senior unsecured notes.Astaldi is an infrastructure construction group based in Italy. Co. is engaged in the development of works in the field of infrastructure and civil engineering. Co.'s activities include the construction of railway, road and air transport infrastructures, energy production plants and civil and industrial construction, as well as management of transport infrastructures, car parks, hospitals and renewable energy facilities. Co. manages and coordinates resources using the “turnkey” formula, from design through to organizing funding and constructing and managing projects. Co. operates throughout the whole of Italy and Eastern Europe, South America, the United States, Africa and the Middle East.
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