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03 August 2017 by lberuti

ASTIM ( Astaldi Spa ) mainly designs, develops and operates public infrastructure and large scale civil engineering works. The company reported yesterday night. From a fundamental credit perspective, the results were a bit of mixed bag, as EBITDA of €113mln was a decent beat compared with analysts’ expectations while net debt was indicated significantly higher. During their conference call, the management also reiterated their full year guidance. But overshadowing everything else, the main takeaway from the results from a trading perspective was the company saying they are continuing to target some refinancing. It could come in the form of a mix of bonds and bank facilities. That point sent ASTIM’s 5-year risk premium almost 100bps to 828bps.