S&P lowers Gruppo Espresso view to negative

Standard & Poor's said it revised the outlook on Gruppo Editoriale L'Espresso SpA (Gruppo Espresso) to negative from stable.

S&P also affirmed its BB long-term corporate credit rating and the BB rating on Gruppo Espresso's senior unsecured debt.

The recovery rating on the senior unsecured debt is unchanged at 3, indicating 50% to 70% expected recovery in a default.

The action reflects a view that Italy's deteriorating economy is likely to result in a substantially weaker-than-anticipated Italian advertising market over the coming 12 to 18 months, S&P said.

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