(Telestock) – Moody’s confirmed today the rating Corporate Family Long Term Ba1the Ba2 senior unsecured rating and the Ba2 rating of the euro senior unsecured notes of the EMTN programme of Mundysone of the world’s largest and most diversified infrastructure groups. At the same time, the ratings of the senior unsecured EMTN program were affirmed Baa2 ee of the airport operator’s senior unsecreted Baa2 EMTN program Rome Airports(AdR). The ourlook of both broadcasters remains stable.
The decision to confirm the credit rating – explains Moody’s – takes into account the strong operating performance of the Group’s main subsidiaries, which recorded solid traffic growth in 2023 and the first half of 2024, exceeding pre-pandemic levels in all toll roads and airport concessions; as well as significant tariff increases in line with their respective regulatory frameworks, which in most cases are linked to inflation. This has led to a EBITDA growth of approximately 12% in 2023, improving the EBITDA margin to approximately 60% at consolidated level. EBITDA growth is expected to be around 8% in 2024mainly supported by significant fare increases at the beginning of the year, continued traffic growth and the consolidation of recent acquisitions.
“Overall, we expect the Mundys Group’s credit quality continues to improve – the rating agency says – given its commitment to gradually reduce debt, which increased by around 4.2 billion euros to 41.5 billion euros (including hybrid issues) in 2023, mainly due to the M&A activity of the Abertis group. In the first half of 2024, the group has already reduced its gross debt by around 1.5 billion euros. It is expected that the consolidated gross debt will decrease further until it reaches almost the 39 billion euros by the end of 2024“.