Moody’s says road closure impact likely manageable for Autostrade after bridge collapse
Credit rating agency Moody’s said that the impact of the road closure is “likely to be manageable for ASPI”, after on 14 August an 80-metre section of the Morandi bridge on the A10 motorway, managed by Autostrade per l’Italia S.p.A. (ASPI), came down in an industrial area of Genoa, in Italy.
“The immediate negative financial impact of the road closure in terms of loss of revenues is likely to be manageable for ASPI, the concession holder, given that traffic on the whole A10 road managed by the company represents less than 2% of ASPI’s overall traffic” the agency said in a statement.
“The rating agency notes that the loss of earnings is expected to be covered by the company’s business interruption insurance” they said.
The collapse took place during a sudden and violent storm, sending around 30 vehicles crashing down some 45 metres on to a riverbed.
The incident has so far caused 38 fatalities, with authorities believing the death toll is likely to increase. A section of the A10 motorway remains closed to traffic and is not expected to reopen in the short term.