ASTALDI S.p.A.Rating Report
​We have reaffirmed our B corporate credit rating on Astaldi S.p.A.Â
Over the past year, credits metrics have worsened. Notably, net leverage as calculated by the company, rose to 3.4x at 30 September 2016 from 2.8x a year ago. On our side, we calculate an adjusted net leverage of 6.4x (pro forma for the recent sale of 35% of Milan Metro 5), up from 5.3x a year ago. Over the past year, EBITDA has trended downward due to a slower pace of execution in Italy, traditionally the most profitable geography, and difficulties on Muskrat Falls, the Canadian megaproject. Meanwhile, net debt climbed, burdened by higher payment delays in emerging countries, cash...
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.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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