S&P lowers, withdraws Nexi Cartasi

S&P said it lowered to B+ from BB- the long-term issuer credit rating on Nexi Cartasi (Nexi Payments).

At the same time, the agency removed the rating from CreditWatch with negative implications, where it was placed on May 2.

S&P withdrew the ratings at the issuer's request.

The downgrade follows Mercury UK Holdco's announcement that it had completed the reorganization process entailing the carveout of its payment activities, which will start operating under its subsidiary, Latino Italy SpA (renamed Nexi), the agency explained.

“We now consider Nexi Payments to be a core subsidiary of its new parent entity, Nexi, and therefore we aligned our rating on it with that on its new parent,” S&P said in a news release.

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