S&P cuts Gruppo Espresso

Standard & Poor's said it lowered its long-term corporate credit rating on Gruppo Editoriale L'Espresso SpA to BB- from BB.

The outlook is negative.

S&P also lowered its issue rating on Gruppo Espresso's senior unsecured debt to BB- from BB. The 3 recovery rating on this senior unsecured debt is unchanged.

S&P said the downgrade reflects its view that the glum economic backdrop in Italy has led to a decline in advertising spending that has durably weakened Gruppo Espresso's profitability.

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