Società di Progetto Brebemi S.p.A.: Rating Report

On 13 June 2022, DBRS Ratings GmbH (DBRS Morningstar) downgraded Brebemi S.p.A.'s Issuer Rating as well as the ratings on its EUR 307.0 million Senior Secured Loan, EUR 15.0 million Senior Secured Amortising Floating-Rate Notes (Class A1 Notes), EUR 934.0 million Senior Secured Amortising Fixed-Rate Notes (Class A2 Notes), and EUR 558.0 million Senior Secured Zero-Coupon Notes (Class A3 Notes) to BB (high) from BBB (low). DBRS Morningstar also changed the trend on all ratings to Stable from Negative, with a recovery rating of RR2 on all debt instruments.