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Investing.com -- Moody’s Ratings has changed FNM S.p.A.’s outlook to stable from negative and affirmed its Baa3 long-term issuer rating, the rating agency announced Thursday.
The credit rating agency also upgraded FNM’s Baseline Credit Assessment (BCA) to ba1 from ba2, while affirming the Baa3 senior unsecured rating and (P)Baa3 senior unsecured EMTN programme rating.
Moody’s cited the reduction of near-term refinancing risk following FNM’s July 22 announcement of a €1 billion financing agreement. This package will fund the repayment of a €650 million bond due in October 2026 and cover general corporate purposes, supporting the company’s financial strategy into the medium term.
The refinancing package includes a €500 million partially amortizing term loan maturing in July 2031, a €450 million capital expenditure facility with bullet repayment in July 2031, and a €50 million revolving credit facility. These arrangements extend FNM’s average debt maturity to 6.0 years from approximately 1.5 years estimated as of March 2025.
A key element in the BCA upgrade is the first-demand guarantee covering up to €475 million from SACE S.p.A., Italy’s export credit agency controlled by the Ministry of Economy and Finance.
FNM, which is 57% owned by the Region of Lombardy, is considered a Government-related Issuer under Moody’s methodology. This relationship results in a one-notch uplift from the BCA to the Baa3 rating.
The rating agency noted that uncertainty remains regarding FNM’s longer-term financial profile due to the October 31, 2028 maturity of its toll road concession owned by Milano Serravalle - Milano Tangenziali S.p.A. (MISE). Questions about post-concession cash flow and terminal value create a range of possible outcomes for outstanding debt and the group’s future business profile.
As of March 2025, FNM held approximately €459 million in cash and cash equivalents, with around €194 million as advances for financed investments. Moody’s expects the company’s cash balance and cash flow generation to cover all requirements through the end of 2026.
The stable outlook reflects Moody’s expectation that FNM will maintain a financial profile consistent with the rating, follow prudent financial policies, maintain good liquidity, and keep adequate headroom against debt covenants.
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