HIT pays for ratings doubts

Doubt
By Nigel Owen
23 Nov 2017

French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.

Abertis has been the subject of takeover bids from German construction group Hochtief and Italian infrastructure operator Atlantia. Given the risk that one of those entities may take on a certain amount of leverage if it is successful, that could risk ratings downgrades. At Baa3, HIT would be ...

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