January 14, 2020 / 11:26 AM / a month ago

Italy's Atlantia credit default swaps rise after S&P downgrade

MILAN (Reuters) - The cost of insuring exposure to Atlantia debt (ATL.MI) rose on Tuesday after S&P cut its rating of the Italian infrastructure company to junk, citing increasing risks the group could lose its motorway license

Atlantia five-year credit default swaps (CDS) jumped 13 basis points (bps) from Monday’s close to 245 bps, according to data from IHS Markit. AUTS5YEUAM=MG

Controlled by Italy’s Benetton family, Atlantia has been in the crosshairs since a concrete bridge operated by its Autostrade per l’Italia motorway unit collapsed in the city of Genoa in August 2018, killing 43 people.

Reporting by Elvira Pollina

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