Highways: stop investment

Twist in the story linked to the renewal of motorway concessions, The board of directors of Atlantia, meeting in extraordinary session, has blocked the plan of investments of the Autostrade per l’italia for the revival and modernisation of the motorway network (here to learn more). In detail, established that Aspi will have to allocate 900 million made available by the holding company, which belongs to the Benetton family to only maintenance activities and to the measures for the security of the network. Delaying, therefore all the other investments at a later date, when the scenario will be more clear.

This decision reflects the concern gained of the board of directors of Atlantia, after a few episodes that have made the more uncertain the situation. Starting from the request of a state guarantee on a loan of 1.25 billion: the operation that in recent days, the deputy minister of economic development Stefano Buffagni had unequivocally rejected, albeit via social: “Asking is lawful, answering is courtesy ” no thanks”.

Accordingly, given the location of the exponent and a 5-Star hotel, the Dl, liquidity should not be used for highway. To this we add the fact that at the moment the company has not received from the government is still no clear answer with respect to the proposal put on the tv again in march last, to define the delicate matter of the revocation of the concession. The board has decided the change of strategy is required, however, immediately downstream of the summit, between the first lines of Autostrade and Atlantia and a number of representatives of the Treasury that concerned about the warranty claim of the Sace.

In the last, was not done still no progress on the front of financing the Cdp. The agreement between the parties on a line of credit, revolving credit agreement had been reached in 2017, now Aspi would have wanted to activate a part of that line, for a total of 1.3 billion but the Case took long time. And nothing would have moved in the last few weeks.

All this fits in a framework that sees the company of the motorway in serious difficulties in finding sources of funding, thanks to the decree “Milleproroghe”, which has led to the cutting of net credit from the rating agencies that still last January downgraded the judgement to the trash.