Moody’s rates Piaggio notes Ba3

Moody's Investors Service said it affirmed Piaggio & C. SpA’s Ba3 corporate family rating, Ba3-PD probability of default rating and Ba3 existing senior unsecured rating.

Moody's also assigned a Ba3 rating to Piaggio's proposed €250 million senior unsecured notes due 2030.

The outlook remains stable.

“The rating affirmation reflects the company's good operating performance, its improved credit metrics, as well as the proactive refinancing of its 2025 debt maturities, but also its still limited free cash flow generation,” Giuliana Cirrincione, Moody's lead analyst for Piaggio, said in a news release.

The action follows the company's proposed refinancing of its outstanding €250 million senior unsecured notes due April 2025 with the new €250 million senior unsecured bond due 2030.

The company will also replace its existing €200 million revolving credit facility with a new facility of the same amount and maturing in 2028.

Upon completion of the refinancing, Moody's will withdraw the rating on the company's existing rated debt instrument.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.