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April 10 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned Patrimonio del Trentino S.p.A.’s (PdT) EUR43m floating-rate bullet notes due 2017 (ISIN: IT0005005456) a final local currency Long-term rating of ‘A’. The notes’ rating is equalised with that of the Autonomous Province of Trento (PAT), which provides an unconditional, irrevocable and on first demand guarantee. PdT issued the notes on 26 March 2014 to refinance a EUR45m bond that matured in March 2014, which was itself issued to build the “MUSE” science museum in the city of Trento.
Fitch affirmed PAT’s Long-term Issuer Default Ratings (IDR) on 17 January 2014 at ‘A’, with a Negative Outlook and Short-term foreign currency IDR at ‘F1’.
The rating of the notes will be sensitive to any changes in PAT’s ratings.