Fitch rates Acea notes BBB+

Fitch Ratings said it assigned Acea SpA's €600 million five-year senior unsecured notes a BBB+ rating.

Proceeds from the notes will be used to refinance upcoming maturities of about €630 million in 2013 and 2014 significantly improving Acea's liquidity position.

Fitch said Acea's ratings reflect its standalone credit profile. However, this is increasingly constrained by financial pressure from the City of Rome (BBB+/RWN), Acea's 51% shareholder. For this reason, Fitch said it now allows a maximum one-notch differential between the City of Rome and Acea.

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